Canada has rolled back most of its economic sanctions against Iran, including lifting a broad ban on financial transactions and transfer of personal funds, the Canadian foreign ministry said Friday.
This followed the lifting of UN economic sanctions on Tehran after the International Atomic Energy Agency confirmed on January 16, 2016 that Iran had delivered on its commitments to limit nuclear activities.
"Canada has therefore amended its broad-reaching autonomous sanctions against Iran to allow for a controlled economic re-engagement, including lifting the broad ban on financial services, imports and exports," the ministry announced.
Canada is looking forward to explore the newly-opened Iranian market for more trade opportunities. Its exports to the Islamic republic peaked at $772 million in 1997 before slumping over the years of sanctions. In 2014, Canada sold $67 million worth of mostly food products to Iran.
Ottawa said, however, it was not entirely convinced about the peaceful nature of Iran's nuclear ambition, which Tehran vowed to reign in in the July 2015 deal with world powers.
Canada will therefore maintain restrictions on exports to Iran of "goods, services and technologies considered sensitive from a security perspective," as well as a revised blacklist of individuals and entities it believes are linked to Iran's ballistic missile program.
Last October, Iran reportedly tested a surface-to-surface missile, prompting more sanctions from the United States. Tehran lashed back at Washington claiming its missile program was legitimate as it was not designed for carrying nuclear weapons.