On Tuesday, 24th May the Frontier Markets - Iran team in collaboration with the British Iranian Chamber of Commerce (BICC) organised a high level roundtable meeting with 30 UK companies to discuss US Office for Foreign Asset Control (OFAC) guidance for UK companies looking to do business with Iran working alongside their US subsidiaries and suppliers.
To help give reassurance and clarity to companies looking to do business in Iran, US Treasury and OFAC officials briefed companies on issues to be aware should they have a US footprint, US suppliers or license requirements and the process involved in getting clarity on these issues. John Smith, Acting Director of OFAC explained that they did not wish to impede legitimate business with Iran and gave a clear message that Non US entities and persons could do business following two simply rules and reminded firms of the primary factors to consider around due diligence, not to do business with a designated person or entity; and not do business through the United States or involve a US citizen in any business negotiations as US primary sanctions still applied
On 16 January Implementation Day was triggered following the verification by the International Atomic Energy Agency of Iran meeting its requirements as part of a comprehensive agreement on Iran's nuclear programme. This has resulted in the termination of EU nuclear related financial and economic sanctions, and the suspension of US nuclear related secondary financial and economic sanctions.
The UK government fully supports expanding our trade relationship with Iran and the Frontier Markets - Iran team are working with Whitehall colleagues to ensure the conditions are met so that UK businesses may take advantage of the commercial opportunities that will arise from sanction relief.
Frontier Markets - Iran
27 May 2016