Should Iranian companies rejoin global markets next year under the terms of last month's intergovernmental accord, sanctioned Russian businesses could be discreetly riding on their coattails. Starting on the agreement's "Implementation Day"-a stage of the deal contingent on confirmation that Iran has scaled back its nuclear activities-banks outside of the United States would again be free to provide services for Iranian clients without fear of losing their American correspondent and payable-through accounts. Unlike their American counterparts, EU banks would be able to offer direct services to Iran's government and all of the country's financial institutions, which would once more have...
U.S. President-elect Donald Trump's pledge to reverse current American sanctions policies for Cuba and Russia is forcing financial institutions to reconsider whether and how to process transactions to and from those countries, say sources.
The expected reemergence of Iran on global markets will likely pose the toughest challenge for sanctions compliance officers in the coming year, according to Alexandre Lamy, an attorney with Baker & McKenzie's International Trade Practice Group.
Western officials face an uphill battle in preventing Iran from exploiting the global financial system once key banking restrictions against the Persian nation are lifted, U.S. lawmakers and witnesses said Wednesday.
U.S. officials on Tuesday extended temporary sanctions relief for Iran by another week as diplomats said they would miss a deadline to reach a final accord restricting the Islamic Republic's nuclear program.