For Banks, Relaxation of Iran Sanctions Raises Questions with Opportunities
As early as Monday, banks will be able to do what has become seemingly unthinkable in the sanctions compliance field during recent years: ramp up their ties to Iran.
Under a multilateral accord set to take effect in three days, the United States and five other nations will temporarily lift some sanctions against the Persian nation. Contingent on the findings of nuclear inspectors examining Iran’s uranium production, U.S. officials are expected to scale back sanctions imposed in 1995, 2012 and 2013 over the next six months.
Starting Jan. 20, the United States will roll back sanctions on petrochemical and automotive sales—the first step in a series that will also relax restrictions the trade of crude oil and precious metals, an Obama administration official said Monday. The EU will publish amendments to sanctions as well as guidance for financial institutions by late that day, a spokesperson for the European Commission said.
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