Zarif: Practical Actions Must Accompany Statements for JCPOA Implementation

Iran's Foreign Minister welcomed the statement from the foreign ministers of the U.S. and major European countries encouraging banks and traders to cooperate with Iran, stating that the Islamic Republic has not yet reached 'what should be' after the Vienna nuclear agreement and that 'practical actions' must accompany statements. According to the state news agency IRNA, Mohammad Javad Zarif announced on Saturday, May 21, at a joint press conference with his New Zealand counterpart in Tehran that part of the sanctions has been 'officially lifted' after the Vienna nuclear agreement. Zarif pointed out that alongside the statement from the U.S. Secretary of State and his counterparts from Britain, Germany, France, and the EU's foreign policy chief, there must also be 'practical actions.' He added, 'We have not yet sufficiently reached what we should have, and more actions must be taken by the U.S.' The U.S. Secretary of State and his counterparts from Britain, Germany, France, and the EU's foreign policy chief had previously issued a statement on May 19, urging banks and traders not to overlook legal investment opportunities in Iran. These countries also expressed readiness to address any doubts regarding this matter. However, Valiollah Seif, the Governor of Iran's Central Bank, expressed dissatisfaction with the outcomes of the Vienna nuclear agreement for the Islamic Republic, stating, 'We still cannot claim that our international banking relations have normalized.' Previously, Abbas Araghchi, head of the implementation office for the Vienna nuclear agreement in Iran, had reported that major European banks have not yet begun their 'interactions' with Iranian banks, and only 'medium and small' European banks are engaging with Iran. Araghchi also mentioned that 'weak financial discipline' among Iranian banks has 'not been without impact' on the lack of cooperation from European banks, and the Central Bank is working to address this issue. Hamid Tehranfar, a former supervisory deputy of the Central Bank, had reported that the Central Bank requested the International Monetary Fund to express its opinion on Iran's banking regulations regarding anti-money laundering to alleviate the concerns of other countries, and the IMF will provide its opinion in 2018. Iranian officials, including Ayatollah Ali Khamenei, the Supreme Leader of the Islamic Republic, have repeatedly accused the U.S. of scaring European companies and banks away from trading with Iran, and therefore not adhering to their commitments under the nuclear agreement. However, Washington has repeatedly emphasized that it does not prevent foreign banks from cooperating with Iran.