04:07 GMT +322 October 2017
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    Central Bank of Iran, Tehran

    Iran Still Isolated From Global Financial System Despite Nuclear Deal

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    Iran is still experiencing difficulties with rejoining the international financial system due to the West's failure to comply with commitments under the nuclear deal reached with Tehran in 2015, Iran's Central Bank head Valiollah Seif said.

    MOSCOW (Sputnik) — On Thursday, Seif took part in the Euromoney Iran Conference in London, where he urged all the financial institutions to "actively communicate and work with Iranian banks with full peace of mind."

    "Banks need enough reassurances, even if this means rewriting guidelines or revising regulations, or giving banks written guarantees. Until our western interlocutors have fully fulfilled their obligations under the nuclear deal, we won’t see a real change in our banking relations," Seif told The Guardian.

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

    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, prompting major European banks whose operations are closely tied to the US banking system abstain from restarting their work with Iran.

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    financial system, Central Bank of Iran, Valiollah Seif, Iran
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