Kerry Reassures European Banks over Iran Trade

By John Lee.

U.S. Secretary of State John Kerry told Europe’s top banks they have nothing to fear from resuming business with Iran, as long as they make proper checks on trade partners and pursue “legitimate business”, according to a report from Reuters.

Addressing a meeting of executives from leading European banks in London, he said:

“We want to make it clear that legitimate business, which is clear under the definition of the agreement, is available to banks.”

The meeting was also attended by British Foreign Secretary Philip Hammond, secretary of state for business Sajid Javid and Norman Lamont, trade envoy to Iran.

Banks attending are said to have included Barclays, HSBC and Standard Chartered.

But an executive from Standard Chartered is quoted as saying after the meeting:

“[We] will not accept any new clients who reside in Iran, or which are an entity owned or controlled by a person there, nor will we undertake any new transactions involving Iran or any party in Iran”.

(Source: Reuters)

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