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US urged to facilitate Iran banking transactions

Source: Press TV

The US has been urged by fellow members of the P5+1 group of countries to facilitate banking ties with Tehran through the clarification of transaction channels with the Islamic Republic, a senior Iranian official says.

The Sanction Maze
(cartoon by Ali Romani, Iranian daily Shargh)

Iranian Deputy Foreign Minister for Legal and International Affairs Abbas Araqchi made the remarks in Vienna on Tuesday after a fourth meeting of the commission monitoring the implementation of the nuclear agreement, known as the Joint Comprehensive Plan of Action (JCPOA), between Iran and the P5+1 group of countries in July 2015.

"In the [meeting of the] JCPOA commission, a demand was raised that the US clarify [the means for] the facilitation of banking ties with Iran," Araqchi said.

He added that members of the P5+1 group lack consensus on the methods of banking transactions with Iran following the implementation of the JCPOA on January 16.

"Some countries admitted that the current circumstances, particularly the conditions created by the US Treasury on the international level, do not provide the necessary clarification and information to economic firms and enterprises that wish to work with Iran," the member of the Iranian nuclear negotiating team said.

He noted that some P5+1 member countries called on the US to outline a clear path for economic enterprises to transact with Iran and allay their concerns over the US Treasury moves.

The JCPOA between Iran and the five permanent members of the UN Security Council -- the United States, Britain, France, China, Russia -- plus Germany envisages Tehran scaling back its nuclear program in return for the lifting of all nuclear-related sanctions on the Islamic Republic.

However, months after the agreement went into effect in January, the US and the European Union continued to maintain some sanctions on Iran, scaring off companies from resuming trade with the country.

European banks have balked at the idea of resuming transaction with Iran, fearing punitive US measures. US Republicans, meanwhile, are pushing through three anti-Iran bills in the Congress.

... Payvand News - 07/20/16 ... --

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