Iran Not Receiving Expected Economic Might Despite Lifted Sanctions

Global investments have not increased to the extent Iran expected after the international community lifted the nuclear-related sanctions in October of 2015, Center for a New American Security Senior Fellow Elizabeth Rosenberg stated in a congressional hearing on Thursday.

WASHINGTON (Sputnik) — Iran had expected to receive tens of billions of dollars following the lifting of sanctions, USCongressman Eliot Engel noted during the hearing. Engel recalled that US Secretary of State John Kerry reported last month Iran has only received about $3 billion because of sanction relief.

"For reasons of political and security risk, existing sanctions, and the serious financial challenges associated with attempting business with Iran, many global banks have made it clear that they do not plan on doing business with Iran," Rosenberg told the US House of Representatives Foreign Affairs Committee.

Strategic advisory firm Financial Integrity Network Chairman Juan Zarate told the hearing it is up to Iran to prove it should receive additional business from the international community.

"Iran will not be in a position to join the international community completely, if it does not demonstrate clearly that it can engage as a trusted and transparent actor," Zarate stated.

Moreover, Iran has to decide whether it will abide by international standards and obligations, he added.