News / Economy

UK says trying to ease banking ties with Iran

Sunday, 18 September 2016 5:08 PM [ Last Update: Sunday, 18 September 2016 5:08 PM ]

Lord Norman Lamont, UK's trade envoy to Iran and chairman of the British-Iranian Chamber of Commerce, says London is working on the facilitation of banking transactions with Iran.

The UK says it is trying to facilitate banking transactions with Iran now that the sanctions against the country have been removed.

Lord Norman Lamont, UK's trade envoy to Iran and chairman of the British-Iranian Chamber of Commerce, said London is closely working with the representatives of the US Treasury to remove the obstacles that hinder banking transactions with Iran.

Lord Lamont emphasized that this is being carried out in line with previous discussions with US Secretary of State John Kerry.

The official made the comments in a meeting with Iran’s Deputy Trade Minister Mojtaba Khosrowtaj in Tehran, Shana reported.

Khosrowtaj, for his part, told Lord Lamont that the expansion of trade relations with Britain cannot be possible without establishing “effective” banking relations between the two countries.

Iran has been persistently urging European countries to take the required measures to encourage their banks to facilitate transactions with Tehran now that the sanctions have been removed.

However, the country’s plea appears to have fallen on deaf ears so far.

Analysts have already emphasized that the banks remain wary of the impacts of the remaining American sanctions against Iran, specifically those that address banking transactions with the country.

Reports earlier said the banks want a promise that the US will not prosecute or punish them for transactions involving Iran — a step the US has so far been reluctant to take.

In May, US Secretary of State John Kerry told a meeting of top EU bankers that they will not be penalized for conducting or facilitating business with Iran.

However, European banks have already emphasized that Kerry’s assurances are not enough and a series of confusions that remain over transactions with Iran need to be cleared by Washington.

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