IRAN SEEKS RIGHT OF ENTRY TO OWN 100 BILLION Dollars VIA U.S.

IRAN SEEKS RIGHT OF ENTRY TO OWN 100 BILLION Dollars VIA U.S.

130
0
SHARE

IRAN SEEKS RIGHT OF ENTRY TO OWN 100 BILLION Dollars VIA U.S.

– Iran Seeks Access to Its $100 Billion Via U.S. Financial System

– Iran Central Bank Gov Denies Getting Benefits of Nuclear Deal

– Tension Grips European banks Over Dealing with Tehran’s Banks

IRAN SEEKS RIGHT OF ENTRY TO OWN 100 BILLION Dollars VIA U.S.
Valiollah Seif

IRAN SEEKS RIGHT OF ENTRY TO OWN 100 BILLION Dollars VIA U.S.

Three months have passed since the implementation of a nuclear deal between Iran and western powers.

However, the Islamic nation has not been able to draw on about $100 billion  stuck abroad, and is thus seeking access to the financial system of the United States to aid payment of its bills. Iran’s Central Bank Governor Valiollah Seif has relayed.

Seif also revealed that European banks are worried over running afoul of regulations of the U.S., while Iranian deposits held abroad are supposed to be accessible.

He needs the U.S. Treasury’s Office of Foreign Assets Control to release guidelines that would motivate European banks to tolerate Iran. This concern, he was reportedly able to discuss with U.S. Treasury Secretary Jack Lew on Thursday at the IMF-World Bank meetings in Washington.

IRAN SEEKS RIGHT OF ENTRY TO OWN 100 BILLION Dollars VIA U.S.

According to an interview on Bloomberg Television, Seif said, “One of the needs that we definitely have goes back to converting currencies to pay our suppliers. It requires having access to the U.S. financial system.”

Information via Bloomberg Terminal revealed that the nuclear accord, reached after nearly a decade of international sanctions, raised hopes in Iran of a wave of foreign investment and economic prosperity following years of negative or low growth, a weakening currency, and isolation from global markets.

YOU SHOULD READ THIS:  PHILIPPINES DENOUNCES SAYYAF KILLING OF CANADIAN ROBERT HALL

Airline companies including Airbus Group SE and Boeing Co. moved to help the country replace its aging fleet, yet many firms remained wary as U.S. sanctions put in place in the 1990s remained in effect.

IRAN SEEKS RIGHT OF ENTRY TO OWN 100 BILLION Dollars VIA U.S.

Many European banks were fined for dealing with Iran when the country was under sanctions and signed settlement agreements not to deal with Tehran for a number of years. France bank BNP Paribas agreed to pay $8.9 billion in July 2014 for violating U.S. sanctions against Sudan, Cuba and Iran. Germany’s Commerzbank AG agreed to pay $1.45 billion for moving funds through the U.S. financial system for Sudan and Iran. Seif wants OFAC to rescind those agreements.

“There is no reason for those obligations to continue.” Seif said. “OFAC should release the banks.”

IRAN SEEKS RIGHT OF ENTRY TO OWN 100 BILLION Dollars VIA U.S.
Adam Szubin

On the contrary, officials of the Obama-led administration have reiterating that there is no hindrance from their end against Iran’s deposits abroad.

Adam Szubin, Treasury’s Acting Undersecretary for Terrorism and Financial Intelligence, earlier this week, had said he had foreseen that non-U.S. banks weren’t aware of “the scope of U.S. sanctions with regard to Iranian funds that were formerly restrained.”

In further terms, Szubin attested that the U.S. would not grant Iran access to her financial system. In his words, he said “there would be no restoration, of U-turn authorization, where transactions priced in U.S. dollars are cleared through a U.S. financial institution even though the money doesn’t stay in the U.S. bank”.