Seif: It Cannot Be Claimed That International Banking Relations Have Normalized

Valiollah Seif, the Governor of the Central Bank of Iran, stated that "Western parties are obligated to fully implement their commitments within the framework of the JCPOA," reiterating that the Islamic Republic is "not satisfied with the achievements of the JCPOA." Mr. Seif, on Friday, May 31, in London, told the Islamic Republic News Agency (IRNA): "We still cannot claim that our international banking relations have normalized, and we are working towards achieving 100% normalization of banking relations with international banks." The Central Bank Governor traveled to the British capital to participate in a conference titled "Reconnecting Iran to the Global Financial Community." Mr. Seif referred to the complete normalization of banking relations with the global community as "one of the essential prerequisites for realizing commercial contracts and projects that are currently in the negotiation phase" and mentioned that the negotiating parties were also aware of "our banking conditions and committed to establishing our banking communications immediately after the implementation of the JCPOA, making Iran a member of the international banking community." The Central Bank Governor stated that "this process is currently facing delays" and added: "We are not satisfied with the achievements we have had in the last three to four months." In April, Mr. Seif had also stated that the U.S. and Europe had not fulfilled their commitments under the nuclear agreement with Iran and warned that "if recent U.S. actions against Iran lead to a confrontation between Iran and international banks, the nuclear agreement will fail." These remarks by the Central Bank Governor were interpreted by hardliners and opponents of the nuclear agreement as a sign of obstruction by the negotiating parties in implementing this agreement. Many hardliners opposing the nuclear agreement want Tehran to declare this agreement null and void, citing the conditions set by the Supreme Leader in implementing this agreement and other matters such as the recent statements of the Central Bank Governor. The government of Hassan Rouhani and the Iranian nuclear negotiating team, after reaching an agreement with world powers, spoke of the complete lifting of international financial, banking, and economic sanctions against Iran, but over time it became clear that some of the previous U.S. sanctions against the Islamic Republic, which were not part of the nuclear agreement, prevented Iran from benefiting from all the advantages of this agreement. Ayatollah Khamenei has also described the nuclear agreement and its consequences for Iran as "absolute loss." Last week, Abbas Araghchi, Deputy Foreign Minister and Head of the Executive Staff of the nuclear agreement, acknowledged that large European banks have not yet begun their "interactions" with Iranian banks, and only small European banks are "interacting" with Iran. In this context, Western powers encouraged banks and traders to engage in transactions with Iran. Seif: Lack of access to the global market hinders currency rate unification. Araghchi: Only small European banks are interacting with Iran. Seif expressed hope for the exit of Iranian banks from the "blacklist." Khamenei: The U.S. is creating Iranophobia to prevent trade with Iran. The Central Bank Governor: Only large banks fear relations with Iran.