Iranian minister optimistic over OFAC’s new guidelines
Baku, Azerbaijan, Oct. 16
By Khalid kazimov – Trend:
An Iranian minister has described a recent decision by the US Treasury easing deals with Iran as a positive development.
“Although the US Treasury’s new guidelines will not resolve all difficulties regarding dollar-dominated trades with Iran, it is definitely a step forward,” IRNA news agency quoted minister of industry, mine and trade, Mohammad Reza Nematzadeh as saying.
He further added that the new guidelines are partially capable of resolving some parts of the existing problems regarding trades with Iran.
The Office of Foreign Assets Control (OFAC) which is a part of US Department of the Treasury on Oct. 7 released new guidelines for dealings with Iran, aimed at loosening restrictions on the country’s ability to trade in US dollars.
In its new guidelines the Treasury said, "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]."
The new 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.