Kerry: The U.S. Does Not Oppose International Banks' Cooperation with Iran

On Friday, April 21, U.S. Secretary of State John Kerry stated at the beginning of his meeting with Iranian Foreign Minister Mohammad Javad Zarif that Washington does not oppose international banks cooperating with Iranian companies and institutions that are not under sanctions. According to Reuters, Kerry emphasized, "As President Barack Obama, Treasury Secretary Jacob Lew, and I have repeatedly stated, the United States does not and will not prevent commercial transactions that have been deemed permissible since the implementation of the nuclear agreement." He added that the Obama administration is prepared to clarify what types of transactions with Iran are allowed under the nuclear agreement, or JCPOA, to resolve existing ambiguities. Kerry noted, "Unfortunately, there seems to be some confusion among foreign banks, and we will strive to clarify this matter." He also stressed, "I want to emphasize that we have lifted nuclear sanctions, and we are committed to this action, and now the opportunity for foreign banks to engage in commercial transactions with Iran has been created." According to the report, Kerry, speaking alongside Zarif to reporters, expressed regret that ambiguities in the laws have caused Iran difficulties in benefiting from the nuclear agreement. In recent weeks, Iran has sought to resolve the issues preventing it from benefiting from this agreement. Zarif expressed hope that the U.S. Secretary of State's statements would change the current trend. According to IRNA, Zarif pointed out that disagreements between Tehran and Washington remain "serious and persistent" on many issues, but he hoped that Kerry's statements would help alleviate banks' concerns regarding the U.S. approach. Zarif further stated, "It was also decided that only the issues related to the JCPOA would be resolved through the 1+5 group, and we want to show that Iran and the 1+5 were able to solve a very serious problem through negotiations and take appropriate steps so that Iranians can understand the changes after the implementation of the JCPOA." This was Zarif's second meeting with Kerry this week in New York. In recent weeks, the head of Iran's Central Bank and the Foreign Minister have asked the U.S. to remove obstacles to non-American banks' dollar transactions with Iran. In this context, Zarif had previously stated that no topic other than the JCPOA and related implementation issues would be discussed. He added, "Our discussion in this meeting will be a continuation of previous talks regarding the JCPOA, and it has been agreed that the American side will review the points we raised in the previous discussion regarding the proper implementation of the JCPOA and respond to us." Following the nuclear agreement between Iran and world powers, many international sanctions related to the country's nuclear program were suspended or eased. However, the incomplete lifting of some of these sanctions and other sanctions against Iran has led many financial institutions and major banks worldwide to continue to refrain from trading with Iran. Iran also does not have access to the U.S. financial system, including the use of the dollar in its international transactions. The head of Iran's Central Bank had previously warned that the continuation of this trend could lead to the failure of the nuclear agreement. The Iranian Foreign Minister also told the New York Times that although the U.S. Treasury, as the overseer of its sanctions against Iran, has taken steps toward implementing the nuclear agreement, these actions are "not sufficient."