‘UK trying to resolve Iran banking concerns’
Britain says it has put the resolving of banking problems that are hampering trade with Iran at the top of its priorities.
British International Trade Secretary Liam Fox was quoted by the media as telling an Iran-UK trade forum in London that signs are already emerging that trade relations between Iran and Britain are improving, particularly after the reopening of the British Embassy in Tehran.
Fox emphasized that Britain has serious plans to boost economic relations with the Islamic Republic to a new level.
Nevertheless, he emphasized that problems relating to the remaining US sanctions against Iran, specifically those that are undermining banking transactions, need to be resolved first.
"Slowly but with increasing enthusiasm, British companies are starting to do business with Iran again ... We are seeing the first signs of growing trade between the UK and Iran," he told The Second Iranian Trade Conference – New Prospects for British-Iranian Trade and Investment.
"The banking sector's ongoing concerns about facilitating payments or providing financial services means that the benefits of sanctions relief are not yet being fully realized. Resolving these problems remains a priority for this government," Reuters quoted him as saying.
Fox further added that the government was working with the banking sector to find a solution for Iranian payments, and that Britain was well-placed to help private Iranian banks modernize.
On the same front, Justine Walker, director of financial crime with the British Bankers' Association (BBA), which represents the industry, said London expects to see gradual movements by banks into Iran over the next few months.
Walker emphasized that a majority of British banks are eager to expand their relations with the Iranian banking sector.
She also added that the BBA will support the banks that are interested in the expansion of relations with the Islamic Republic, IRNA reported.
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