Another Attempt to Lift Banking and Financial Sanctions Against Iran

Valiollah Seif, the head of Iran's Central Bank, traveled to London on Thursday to participate in the conference "Reconnecting Iran to the Global Financial Community." In his speech at the "Euromoney" conference, Mr. Seif called for market participants' confidence and for the full realization of the benefits of the JCPOA in Iran. He emphasized that the restrictions on Iran's access to the dollar system have created numerous issues for Iran, even in cases where dollars are not exchanged, and called for a commitment from Western parties to facilitate Iran's return to the global economy. In his speech, Valiollah Seif stated that the negotiating parties in the nuclear agreement were fully aware of the banking obstacles, and it is their moral duty to fulfill their commitments under the JCPOA at any cost. Damián Hindz, the UK Deputy Treasury Minister, emphasized the need to remove existing barriers in banking interactions with Iran before Mr. Seif's speech, stating that London is ready to fulfill its commitments under the JCPOA to remove these obstacles, but that Iran's return to the global economy is not simple. The "Euromoney" conference in London is part of recent efforts by Western countries to create conditions for cooperation between Iranian banks and European banks. Two weeks ago, U.S. Secretary of State John Kerry met with several European bank executives to alleviate their concerns about working with Iranian banks. However, according to the head of HSBC in the U.S., while trying to reassure other banks to engage with Iran, American companies and banks are simultaneously prohibited from establishing connections with Iran, making the U.S. statements contradictory. Valiollah Seif also met and discussed with the UK Foreign Secretary on the sidelines of this conference. Houshang Amir Ahmadi, a university professor and economic expert in New Jersey, told Radio Farda that several issues are preventing the normalization of banking and financial relations between Iran and European countries. On Saturday, Mohammad Javad Zarif, the Foreign Minister, stated in a press conference with the New Zealand Foreign Minister that mere statements are not enough, and the U.S. government must take practical steps to lift sanctions. Due to sanctions that are said to be unrelated to its nuclear program, Iran cannot use the U.S. dollar for trade transactions, and the U.S. financial system is closed to this country. Therefore, despite the nuclear agreement, Iran cannot exchange its released assets under the JCPOA for reputable currencies like the dollar or bring them into the country. Valiollah Seif, in his conversation with the British newspaper The Guardian, stated that if we want to convert Omani rials to euros, we do not need dollars, but the financial system is designed in such a way that this money must first be converted to dollars and then to euros. They need to find a way to solve this problem.