Baku, Azerbaijan, Oct. 10
By Khalid Kazimov – Trend:
An Iranian economic official has expressed pessimistic opinion over a recent decision by the US Treasury Department relaxing rules on foreigners doing dollar-denominated transactions with businesses in the Islamic Republic.
Hossein Ghazavi, deputy minister of economy for banking affairs, has said that US Treasury Department’s recent amendments to guidelines are not expected to lead to tangible changes in relations with international banks, Mehr news agency reported Oct. 10.
He further described the changes as “minor” and incapable of bringing considerable changes into Iran’s financial ties with the world.
The Treasury Department on Oct. 7 released new guidelines for dealings with Iran loosening restrictions on the country’s ability to trade in US dollars.
“It is not necessarily sanctionable for a non-US person to engage in transactions with an entity that is not on the [sanctions list] but that is minority owned, or that is controlled in whole or in part, by an Iranian or Iran-related person on the [list],” US Treasury guidelines read.
The guidelines allow deals with firms that are not under sanctions but the rules still restrict entry of transactions into US financial system.
Although the nuclear related sanctions on Iran were lifted following the implementation of the Joint Comprehensive Plan of Action on January 16, Iran still has difficulty establishing banking ties with leading European banks as they are worried about running afoul of US regulations.