Kerry: The Business Sector Uses Sanctions as an Excuse to Avoid Dealing with Iran

U.S. Secretary of State John Kerry stated on Tuesday, May 10, that the business sector should not use the U.S. and its sanctions against Iran as an excuse to refrain from dealing with Tehran. Kerry made these remarks during a conversation with American reporters in London. He said companies often use the U.S. as an excuse when they do not want to cooperate with the Islamic Republic of Iran for other reasons. According to the Associated Press, he stated that the U.S. tells European banks and others that Iran is an open country for trade due to the nuclear agreement, except for specific institutions that remain under sanctions, including the Islamic Revolutionary Guard Corps. The U.S. Secretary of State emphasized that banks can open accounts for Iran, lend money, and conduct other legal transactions. International companies and banks have repeatedly expressed concerns about the remaining U.S. sanctions, including that Iran cannot access the U.S. financial system. Meanwhile, a British banking source said on Tuesday that Kerry is set to meet with representatives of British and European banks in London on Thursday to discuss banking transactions with Iran. The British Bankers' Association confirmed the meeting but did not provide further details. A banking source in London indicated that trade with Iran is the main topic of discussion, and several representatives from major European banks will also attend. Kerry is currently in Europe to participate in a conference focused on combating corruption in the financial system and to meet with his European counterparts in Paris and London. A spokesperson for the U.S. State Department accompanying Kerry declined to comment on his meeting with European bank representatives. As a result of last year's nuclear agreement with Iran, the U.S. and the European Union lifted sanctions related to Tehran's nuclear programs, but other U.S. sanctions, including the ban on banking transactions with Iran in dollars and its access to the U.S. banking and financial system, remain in place. Consequently, most European banks, especially large banks that have significant dealings with the U.S. banking system, have so far refrained from entering into transactions with Iran, which has led to dissatisfaction and protests from the Iranian government. Last month, Kerry announced that the U.S. government does not oppose foreign banks' transactions with Iran. He added that the U.S. intends to clarify ambiguities regarding investment and transactions of non-American banks with Iran. The Iranian government has protested against not benefiting from all the economic gains of the nuclear agreement with global powers. Ayatollah Ali Khamenei, the leader of the Islamic Republic, holds the U.S. government responsible for this delay. Khamenei stated on April 27 of this year, 'The U.S. Treasury Department acts in a way that large foreign companies, institutions, and banks do not dare to deal with Iran.' The Iranian economic community is also hopeful that the period of sanctions and years of economic isolation will come to an end as soon as possible. Leaders of the Iranian economic community believe that the U.S. government has not clearly defined what is permissible and impermissible in trading and investing in Iran for foreign companies, and foreign companies and banks are hesitant to deal with Iran due to these ambiguities and fear of punishment by the U.S. government.