Indications are growing that London could soon decide to drop sanctions to expand its trade with Iran in the wake of the recent vote by the British to quit the European Union.
“Although the US and other European countries can carry out trade with Iran, conducting trade with Britain after it leaves the EU in many ways should be easier because London will not be bound by Brussels,” reported the International Business Times.
“Certain sanctions on Iran implemented by the EU during the past two decades would not necessarily be applicable to Britain after it formally leaves the bloc,” it added.
The International Business Times said Britain would no longer be bound by EU decisions and directives including bans on doing transactions with the Islamic Republic.
It added that a warmer relationship between Britain and Iran could offer both countries solid economic opportunities following Britain’s vote to quit the EU.
The US-based online news publication further emphasized that the effects of American sanctions on Iran will not change with respect to Britain.
“A UK outside the EU would still be able to conduct business with Iran generally, as long as the transactions did not involve US banks, US dollars or US citizens,” the International Business Times quoted lawyers at the New York-based Sheppard Mullin as saying.
The International Business Times further added that Britain is positioned to reach an agreement with Iran in the energy sector.
“With the international deal on Iran’s nuclear program becoming effective early this year, the EU already has begun rolling back its sanctions on Iran, with an eye on new energy opportunities in the country,” it added.
“In January, the prohibition on financial transactions involving Iran was lifted, including the transfer of funds between financial institutions and individuals. Trade in oil and gas between the EU and Iran was rebooted while sanctions relating to shipbuilding, insurance and aviation were lifted.”