UK working to resolve banking concerns to boost trade with Iran
British companies are starting to do business with Iran again with increasing enthusiasm
PHOTO: AFP
Trade is growing between Britain and Iran and the government is working to resolve banking sector concerns which are limiting its further expansion, British trade minister Liam Fox said on Wednesday.
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Despite the removal of international banking restrictions in January, Tehran has secured ties with only a limited number of smaller banks as US sanctions remain in force and large foreign institutions still fear potential fines.
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"Slowly but with increasing enthusiasm, British companies are starting to do business with Iran again ... we are seeing the first signs of growing trade between the UK and Iran," Fox told a City and Financial Global conference.
The banking sector's ongoing concerns about facilitating payments or providing financial services means that the benefits of sanctions relief are not yet being fully realised, resolving these problems remains a priority for this government."
Iran, South Korea to begin trade in euros
Despite the removal of international banking restrictions in January, Tehran has secured ties with only a limited number of smaller banks as US sanctions remain in force and large foreign institutions still fear potential fines.
Iran offers Pakistan to join Chabahar port deal
"Slowly but with increasing enthusiasm, British companies are starting to do business with Iran again ... we are seeing the first signs of growing trade between the UK and Iran," Fox told a City and Financial Global conference.
The banking sector's ongoing concerns about facilitating payments or providing financial services means that the benefits of sanctions relief are not yet being fully realised, resolving these problems remains a priority for this government."