US withdrawal form nuclear deal unlikely to impact Iran-Europe banking ties

Business Materials 30 April 2018 17:47 (UTC +04:00)

Tehran, Iran, April 30

By Ali Mustafayev, Kamyar Eghbalnejad – Trend:

The possible withdrawal of the US from the Joint Comprehensive Plan of Action (JCPOA) will not have a strongly negative impact on banking ties between Iran and Europe, Martin Roth, trade development manager and member of board of directors at the Iran-German chamber of commerce, told Trend.

However, he stressed that it doesn’t eliminate the present problems of cooperation between Iran and Europe in the banking sector.

“The European banking system and the Iranian banking system can solve the certain problems by themselves,” said Roth.

He added that as soon as the sides find a stable way to solve the problem with money transactions, it will improve a matter of trust between Iran and the European countries.

Previously, three Iranian banks announced their plans to open branches in Germany, in order to facilitate trade ties with foreign parties, in particular with the European partners.

Although the nuclear related sanctions were officially removed in January 2016, most of the leading banks appear reluctant to work with Iran being worried about running afoul of the US regulations.