U.S., EU say “won’t stand in the way of business with Iran”

PanARMENIAN.Net - Foreign banks and businesses should not hold back from conducting legal business with Iran, Western powers said Friday, May 20, according to AFP.

In a joint statement released after talks in Brussels, the United States, the European Union, France, Britain and Germany sought to reassure companies that, after the Iran nuclear deal, certain forms of trade are permitted.

"We will not stand in the way of permitted business activity with Iran," the four powers plus the European Union said. "And we will not stand in the way of international firms or financial institutions engaging with Iran, as long as they follow all applicable laws," they added, according to AFP.

Under the terms of the Iran nuclear deal signed last year and implemented in February, international sanctions aimed at Tehran's nuclear program have been dropped.

But the United States has maintained its sanctions targeting Tehran's alleged sponsorship of armed movements in the Middle East and its ballistic missile program.

European banks, which often have subsidiaries on US soil, have therefore been slow to resume business with Iran, fearing prosecution in the United States.

But, a joint statement by the western parties to the Joint Comprehensive Plan of Action (JCPOA) -- the implementation side of the Iran deal -- gave business the green light.

"The interest of European and other global firms in Iran is high," the statement said.

"And it is in our interest and the interest of the international community to ensure that the JCPOA works for all participants, including by delivering benefit to the Iranian people," it continued.

"This includes the reengagement of European banks and businesses in Iran."