Western Powers Encourage Banks and Traders to Engage in Trade with Iran

The U.S. Secretary of State and his counterparts from Britain, Germany, France, and the EU's foreign policy chief urged banks and traders not to overlook legal investment opportunities in Iran. Western powers stated they are ready to address any doubts regarding this matter. John Kerry, U.S. Secretary of State, Philip Hammond, Frank-Walter Steinmeier, Jean-Marc Ayrault, the foreign ministers of Britain, Germany, and France, along with Federica Mogherini, issued a joint statement following a meeting in Brussels on May 19. The statement reads, 'We do not stand against legal trade with Iran, nor do we obstruct international companies and financial institutions from establishing relations with Iran, as long as they respect all relevant laws.' The U.S. and its European allies, which were part of the negotiating group with Tehran over the nuclear program, have urged major traders and banks not to miss the opportunity that has arisen following the implementation of the JCPOA due to any doubts they may have: 'We encourage companies to ask us, the governments, if they have any questions.' The statement on Thursday indicated that the EU and its members are preparing to engage in various and diverse collaborations with Iran, including export loans or project financing. This statement follows the U.S. Secretary of State's remarks on May 10, stating that the nuclear agreement has made Iran an open country for trade. The next day, he assured European bank executives that Washington would not obstruct them. However, Kerry added that this opening does not include specific institutions that remain under sanctions, such as the Revolutionary Guard. The concerns of major banks and traders in Western countries, as expressed in various instances, revolve around the remaining U.S. sanctions. These sanctions range from human rights violations to accusations of 'state-sponsored terrorism' or advancing Iran's missile program, affecting various institutions and individuals. Some of these institutions and individuals possess significant financial influence and power to undertake major projects in Iran. U.S. officials, meanwhile, state that European investors should not use the U.S. and its sanctions against Iran as an 'excuse' for not trading with Tehran. Within Iran, hardliners have intensified their attacks on the government in recent weeks, criticizing what they call the failure of the JCPOA. Mohammad Javad Zarif recently met with his American counterpart, where both sides stated that despite remaining differences, they are 'determined to resolve nuclear issues.' Following that meeting, John Kerry held discussions with Europeans, resulting in the latest joint statement with the foreign ministers of Germany, Britain, and France.