New British Guidelines Regarding Trade with Iran

One day after the beginning of the year 1396, the UK Export Control Organization announced that the 'Iran List' concerning nuclear sanctions is no longer relevant. According to the UK Department for International Trade, this list was created to inform exporters intending to trade with Iran about the potential use of their products. This also means that the UK government was informing traders about concerns regarding the use of products in programs related to weapons of mass destruction or dual-use applications. Therefore, a list of Iranian companies and entities was prepared to assist exporters in avoiding violations of sanctions. However, as noted in a recent announcement by the UK Department for International Trade dated Farvardin 2, the nuclear agreement has been in effect for some time, and sanctions related to Iran's nuclear program were lifted over a year ago, which is an important element for Iran's return to the international community. Consequently, the department has decided that the 'Iran List' has lost its relevance and has been removed from the UK's trade guidelines. According to a source informed to Radio Farda, the fact that this action by the Department for International Trade occurred more than a year after the implementation of the JCPOA was due to technical reasons, and 'because changes in the UK government were underway, this matter was delayed and there is no other reason.' Nonetheless, in the announcement, the UK Department for International Trade warned exporters and traders that other sanctions, including those related to terrorism and human rights, remain in place, and British economic actors must ensure that their actions do not violate these restrictions. In this regard, the UK Department for International Trade has provided separate guidelines for traders. The department states that the lifting of sanctions means that Iran can trade more freely in the international community, and this presents an opportunity for British companies wishing to operate in what this announcement describes as 'one of the largest markets entering the global economy in recent decades.' The P5+1 countries, especially the United States, have taken confidence-building measures for those economic actors willing to invest in Iran since reaching the nuclear agreement with Iran and implementing the JCPOA. However, during the more than a year since the implementation of the JCPOA, Iranian officials have repeatedly criticized the slow pace of economic improvement. Some observers say that the problem of reviving Iran's economy is not solely related to nuclear sanctions, and alongside the banking monetary system within Iran, other sanctions, especially primary US sanctions, are among the main obstacles to Iran's return to the global economy.