Brussels, 20/05/2016 (Agence Europe) - In the evening of Thursday 19 May, the British, French and German foreign ministers, US Secretary of State John Kerry and High Representative of the EU for Foreign Affairs and Security Policy Federica Mogherini encouraged private banks and companies in their countries to develop legal trade activities with Iran.
“We will not stand in the way of permitted 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”, they said in a joint statement, at the end of their meeting in Brussels. They thus wanted to reassure investors who fear US extra-territorial measures, as the US still has sanctions in force in connection with Tehran's ballistic programme (see EUROPE 11485). Many measures linked to the Iranian nuclear programme were lifted with the implementation of the 14 July 2015 agreement on 16 January 2016. “There are now extensive economic opportunities for companies and financial institutions in Europe and around the world to do business in Iran”, they added.
Reiterating that, under the joint comprehensive plan of action (JCPOA) of 24 November 2013 (see EUROPE 10970), all parties were committed to taking measures to ensure Iran's access in the areas of trade, technology, finance and energy, the statement says that “in this context, the EU 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 West also called on Iran to make efforts. “While we are committed to providing clarity on sanctions-related issues, businesses will make their own decisions about commercial activity with Iran. There are factors within Iraq's control that have influenced companies' decision-making and hindered Iran's economic progress”, the British, French and German foreign ministers, Kerry and Mogherini state. In their view, if Iran wants to realise the economic improvement it desires, “it will also have to take steps to create an environment conducive to international investment - particularly regarding the compliance with recommendations of the [Financial Action Task Force] FATF”. They say they are ready to support Iran's efforts in this process. (Original version in French by Camille-Cerise Gessant)