BREAKING NEWS

UK seeking to ease banking barriers with Iran, seals export finance deal

By REUTERS

MARCH 9, 2016 14:28

Updated: MARCH 9, 2016 14:27

LONDON - Britain is working with its European partners to help ease the impact of banking restrictions on trade with Iran, Business Secretary Sajid Javid said on Wednesday, adding that the UK had signed a deal to simplify the financing of exports.

International sanctions, including banking restrictions, imposed against Iran ended in January under a deal with world powers in which Tehran agreed to curb its nuclear program.

But US measures including a ban on dollar trading and a freeze on US banks engaging in trade remain in place. This has left non-US banks and insurers wary of processing transactions with Iran, fearing they may still fall foul of the existing measures and a lack of clarity on what they are able to do.

Javid told a conference in London that issues around cash and credit were "quite significant" but that Britain was working with other European nations and the banking industry to try to tackle them or provide clarity on how the guidelines work.

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