Europe and Iran continue to push US over banking restrictions


Issue 1013 - 22 Apr 2016 | 3 minute read

Governments continue to put pressure on the United States to relax, or at least further clarify, its attitude to major European banks doing business with Iran. The issue has become the most significant obstacle in the way of international companies taking advantage of the relaxation of sanctions in January. Despite further talks in recent days there is still no breakthrough, to the frustration of Iranian and European officials and companies. The key problem stems from delayed prosecution agreements that major international banks struck with the US Treasury and its Office of Foreign Assets Control (Ofac) enforcement arm, after past breaches of sanctions.

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