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Banking problems prevent Iran exports

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
Iran says its exports of petrochemical products to Europe are not proceeding due to sanctions-related banking problems.

More indications emerge to show that banking problems remaining from the sanctions against Iran are still obstructing the country’s exports. 

Fariborz Karimaei, the deputy head of the Association of Petrochemical Industry Corporation of Iran, was quoted by the media as saying that Iran’s petrochemical exports to Europe are facing problems as a result of sanctions-related banking issues that have not been fully settled.

Karimaei emphasized that the European banks are still failing to cooperate with the Iranian exporters of petrochemical products even eight months after the removal of the sanctions. 

In January, a series of economic sanctions that had been imposed against Iran were removed after a deal that the country had last year reached with the P5+1 – the five permanent members of the UN Security Council plus Germany – came into effect.  

The sanctions restricted banking transactions with the country among other issues. 

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 they 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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