By John Lee.
The United Kingdom is working with its European partners to help ease the impact of banking restrictions on trade with Iran.
Despite the removal of nuclear-related sanctions, U.S. restrictions, including a ban on dollar trading and a freeze on U.S. banks engaging in trade, remain in place.
UK Business Secretary Sajid Javid (pictured) told Reuters:
“For many firms it’s not actually clear what you can or cannot do according to, let’s say, U.S. rules. That’s why one of the things that as a minimum has to be done quite quickly is to bring some clarity.”
Norman Lamont, Britain’s trade envoy to Iran, and former finance minister, said he had struggled to get bank chiefs in London to meet with a recent delegation from the Iranian central bank:
“Terrified, they were … European banks, very much so the British banks, are very frightened of falling foul of what I would call the extra-territorial reach of American law.
“The government are doing all they can to clarify this issue to find out what exactly what the banks’ concerns are.”