Figaro: French Banks Refuse to Open Accounts for Iranian Students

The newspaper Figaro has reported that most French banks are refusing to open accounts for Iranian students due to concerns over U.S. sanctions. French banking institutions, which previously witnessed U.S. sanctions against BNP Paribas, have refrained from financially supporting investment projects by French companies in Iran even after the signing of the nuclear deal with Iran in 2015. The bank was fined eight billion dollars by the U.S. judicial system for violating U.S. sanctions. According to Figaro, 1,800 Iranian students studying in France are facing such significant issues that the French Minister of Higher Education has called for measures to be taken by the President of France. Mansour Gholami, Iran's Minister of Science, Research, and Technology, has confirmed this news and told Figaro that he has asked his French counterpart, Frédérique Vidal, to take action to resolve this issue. Gholami, who recently traveled to France with several Iranian university presidents, expressed hope that 'the French government, particularly Mr. Macron, who has a positive view of relations with Iran, can help us solve this problem, which is a humanitarian issue.' An Iranian diplomat told the newspaper that some Iranian students have been 'forced to go to the U.S.' to escape this problem. According to him, it is noteworthy that in the U.S., where Donald Trump is the president, 'there is no news of the problem that Iranian students are facing in France.' Delphine O, a representative of the ruling party 'La République En Marche' in the French parliament, also stated that American universities 'have the capacity to open accounts for their students, including Iranian students, in banks.' However, in France, the banking federation has left this issue to the private sector, which 'given the costs and benefits, the risk of attracting customers among Iranian students will be very high.' The report adds that some Iranian students are resorting to 'their own specific tricks' to overcome this problem, and others are returning to Iran after withdrawing from their studies in France. Iran's Minister of Science expressed regret over this issue and stated that the existing problems in opening bank accounts for Iranian students have caused their 'frustration.' The concern of private institutions over U.S. sanctions due to commercial activities with Iran has intensified following the announcement of the U.S. withdrawal from the JCPOA and the re-imposition of sanctions against Iran's nuclear program. Although Emmanuel Macron, the President of France, has repeatedly stated Paris's interest in adhering to its commitments under the JCPOA, the French Minister of Finance has said that most French companies, despite their wishes, are unable to continue activities in Iran due to U.S. sanctions. Bruno Le Maire criticized the U.S. for playing the role of 'the world's economic police' and added, 'It is up to us Europeans to trade freely and with sovereign power with whomever we wish.' The statements of the French Minister of Finance come at a time when even with the EU's decision to implement 'blocking regulations' to counter U.S. sanctions, the trend of European and non-American companies exiting Iran continues. Companies such as Total, Maersk, Peugeot, General Electric, Honeywell, Boeing, Lukoil, Reliance, Daewoo Corporation, and Siemens have announced that they are limiting or halting cooperation with Iran. Even the European Investment Bank has stated that despite the European Commission's recommendation to cooperate with Iran, it cannot ignore U.S. sanctions. Le Maire also announced on June 26 that he has not yet received any positive signs from Washington regarding the request for exemption of Germany, the UK, and his country from U.S. economic sanctions against Iran.