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    EU, US Not to Stand in Way of Business Activity in Iran

    CC BY-SA 2.0 / Ensie & Matthias / Central Bank of Iran, Tehran
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    The United States and the European Union will not stand in the way of business activity in Iran in the wake of the Iran nuclear deal.

    NEW YORK (Sputnik) — The United States and the European Union will not stand in the way of business activity in Iran in the wake of the Iran nuclear deal, according to a joint statement by France, Germany, the United Kingdom, the United States and the High Representative of the European Union for Foreign Affairs and Security Policy released by the US Department of State.

    "We will not stand in the way of permitted business activity with Iran, and we will not stand in the way of international firms or financial institutions’ engaging with Iran, as long as they follow all applicable laws," the statement said on Thursday.

    The European Union and its member states are exploring possible areas of cooperation with Iran, including the use of export credits to facilitate trade, project financing, and investment in Iran, the statement noted.

    "The interest of European and other global firms in Iran is high, and it is in our interest and the interest of the international community to ensure that the [Iran nuclear agreement] works for all participants, including by delivering benefit to the Iranian people. This includes the reengagement of European banks and businesses in Iran," the statement added.

    On Monday, Iranian Deputy Foreign Minister for European and American Affairs Majid Takht-Ravanchi said that Iran is not satisfied with the implementation of the nuclear agreement for the reason that European banks are still hesitant to do business with Iran.

    Furthermore, Ravanchi specifically blamed the United States and its "failure to comply with their obligations under the agreement."

    In July 2015, Iran and six world powers, including the United States, Russia, China, France, Germany and the United Kingdom, signed the nuclear agreement to ensure the peaceful nature of Tehran’s nuclear program in exchange for sanctions relief.

    However, certain restrictions regarding payments in US dollars and using the US banking system have remained. Therefore, several major European banks whose operations are closely tied to the US banking system have not restarted their work with Iran.

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