Unwinding Iran Sanctions Is a Complicated Matter

Posted July 16, 2015 at 5:10am

“Nuclear related sanctions against Iran stretch back almost a decade, forming a complex web of restrictions across multiple legal jurisdictions that cover everything from arms and insurance to carpet sales. Dismantling the structure is almost as challenging as putting it together,” according to the Financial Times .  

“This effectively means that within six to nine months, Iran’s banking and insurance system will be reconnected to the international financial system. This includes banks rejoining the Swift system of international banking payments — restrictions on which have had a devastating economic effect. All EU and US curbs will be removed on import and transportation of oil and petroleum products; energy sector investment; access to transport hubs; shipbuilding; exports of gold and precious metals; purchases of Iranian government debt and trade in car parts.”  

“Assets frozen by the EU and US will also be released, a move that will unlock more than $100bn of Iranian assets overseas with immediate effect. Travel bans on some named individuals will also be revoked. But most individuals that participated in Iranian nuclear participation will remain subject to travel bans for five years and asset freezes for eight years.”