Reuters | May 16, 2018 16:42
LONDON (Reuters) - Britain said on Wednesday that U.S. sanctions against Iran were having a clear impact on other countries and were making it difficult for firms to assess the risks of doing business there.
U.S. President Donald Trump on May 8 withdrew from a deal between Iran and major world powers whereby some sanctions against Tehran were lifted in exchange for curbs on its nuclear programme. Trump has since imposed new sanctions, cutting Iran's use of a critical banking network.
"It is clear that there is extra-territorial reach to some of these sanctions," said Rona Fairhead, a trade department minister in the upper house of the British parliament, acknowledging that the sanctions would have an impact on trade between Iran and countries other than the United States.
"All businesses have to take into account the commercial risks, the legal risks, the financing risks of any transaction, and clearly these sanctions make that difficult," she said.
Fairhead said Britain was providing guidance on the ground in Iran and at home to help companies navigate those risks and was also working with other governments to keep trade ties alive.
"We are working with our EU colleagues and directly both with the U.S. and with the EU to try and both protect our businesses as well as encourage the U.S. to allow us to continue economic ties because we think that's important," she said.
British, French and German foreign ministers met in Brussels on Tuesday to see how they can save the nuclear deal without the United States, but appeared hard-pressed over how their companies could continue doing business with Iran once Washington begins to reimpose sanctions.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.