Iran remains off limits to US banks
Iran remains essentially off limits to US banks, despite the lifting of some US sanctions. The Obama administration in mid-January eased several restrictions on doing business with Iran, including former “secondary” sanctions that had threatened to penalize companies outside the US for their business with Iran, as well as some restrictions on Americans seeking to make inroads in the oil-rich country. Nevertheless, most “primary” sanctions tied to accusations that Tehran supports terrorism remain in effect, blocking US businesses from joining a rush by non-US companies to cash in on Iran’s potential revival. It means that US banks have little access to the oil-rich country compared to their rivals in other countries.
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