Austrian bank reveals details of deal with Iran
Baku, Azerbaijan, Sept. 8
By Kamila Aliyeva – Trend:
Austrian Oberbank will continue its professional procedures and support transactions with Iran which have helped the bank to gain an excellent reputation in both countries.
“As the first Austrian bank, we are signing a framework agreement for tied financial loans (G3) in US dollars, yen and euros. This agreement allows Oesterreichische Kontrollbank AG (OeKB) covered financing with maturities of more than 2 years. It also allows the financing of important projects, for example in infrastructure or health care. It is therefore urgently awaited by well-known Austrian exporters, who are also shortly before signing their export contracts. The agreement allows important Austrian exporters to start their projects in strategic Iranian sectors. Our range of services is only offered to customers from our markets,” Alexander Türk, from the Austrian Oberbank, told Trend.
In the past, Oberbank already supported the granting of humanitarian supplies during the sanctions period, according to the source.
“Together with our Austrian exporters, we have built up comprehensive know-how over the years, particularly in the field of sanction regulations, and we know the regulations and the customer business very well,” he said.
We know exactly what is allowed and what is forbidden, Türk added.
“A major mistake would be to take legal obligations from national regulations as well as from EU or US law easily or even to disregard,” he said.
There are still sanctions of the European Union and the USA, which must be bserved in all cases, according to the source.
“This concerns individual persons as well as certain categories of goods, which may not be exported to Iran or which can be exported only with official authorization. The US legal situation is particularly complex. We therefore pay close attention to any US customer relationship in order to not indirectly violate US American legislation and also refuse to monitor US transactions. Such a US reference can be realized by means of payment processing in US dollars, but also by a US value of a product of more than 10 percent,” he added.
Austria’s Oberbank is expected to sign a deal with Iran on Sept. 21 enabling it to finance new ventures there. Earlier, most banks have stayed away from Iran due to the remaining U.S. sanctions. Oberbank is the only Austrian bank directly interacting and transacting with Iranian banks.
Oesterreichische Kontrollbank Aktiengesellschaft (OeKB) is Austria's main provider of financial and information services to the export industry and the capital market. True to its mandate to support the Austrian economy, OeKB has served trade and industry since the institution's founding in 1946. OeKB acts as a central hub in the markets, operating impartially and in accordance with its sustainability policy. Its shareholders are commercial banks located in Austria.