Little access to Iran for US banks despite nuke deal

New York

IRAN remains essentially off limits to US banks, despite the lifting of some US sanctions following the landmark Iranian nuclear deal.

The Obama administration in mid-January eased several restrictions on doing business with Iran, including former "secondary" sanctions that had threatened to penalise companies outside the US for their business with Iran, as well as some restrictions on Americans seeking to make inroads in the oil-rich country.

Nevertheless, most "primary" sanctions tied to accusations that Teheran supports terrorism remain in effect, blocking US businesses from joining a rush by non-US companies to cash in on Iran's potential revival.

It means that US banks have little access to the oil-rich country compared to their rivals in other countries. They mostly cannot handle transactions for US and other companies involved in Iran, and the Iranian government and private entities …