Thursday, October 13 2016 19:22

US Treasury agrees to relax rules on foreigners doing dollar-denominated transactions with Iran

ArmInfo - bne Intellinews. Iran’s economy minister has returned from the United States claiming triumphantly to have made progress in pushing Iran’s post-sanctions economic agenda, in particular by winning clarification from the US Treasury on how foreign companies can do trade deals in US dollars.

But though the clarification is important, there is still a long way to go before US sanctions stop hampering Iran’s reintegration into the world financial system.

The Barack Obama administration lifted some international sanctions in January, mainly on transactions between non-US entities doing business in Iran, after a landmark agreement to throttle Iran’s nuclear programme in 2015 was signed, closing the Islamic Republic’s path to future nuclear weapons.  Since then Iran’s financial sector has sought to reconnect with the global financial system, but has hit roadblocks because of the US’s non-clarification on several issues in regards to banking in dollars.

Iranian officials have complained that many foreign business are still unwilling to make a move as the Joint Comprehensive Plan of Action’s (JCPOA) language was deemed vague and hinted at non-US business being sanctioned for doing trade in US dollars even if they avoided American banks.

Economy Minister Ali Tayyebnia met with International Monetary Fund (IMF) officials at the IMF/World Bank Annual Meetings in Washington on October 7 to discuss Iran’s reintegration into the global banking system, according to Tasnim News Agency. Tayyebnia also held talks on the expansion of bilateral economic times with counterparts from Sweden, France, Norway, Italy, China, Netherlands, and India on the sidelines of the Annual Meetings.

“During my meetings with European ministers, I pointed to the US’s lack of commitment to its obligations under the nuclear deal and highlighted the need for establishing banking relations,” he said.

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