ABU DHABI: Business between the UAE and Iran is yet to pick up despite lifting of sanctions on the Islamic republic earlier this year, experts and Iranian Business Council in Dubai said.
“Things have not changed much as primary sanctions still remain and banks in the UAE are reluctant to deal with the Iranians or companies which have Iranian partners for fear of being penalised for violating sanctions related regulations,” said Hussain Asrar Haghighi, executive vice president of the Iranian Business Council in Dubai, told Gulf News. In January this year, world powers removed sanctions on Iran in return for the country’s cooperation in curbing its nuclear ambitions.
The country could increase its oil exports post sanctions and placed orders to buy news aeroplanes but could not attract big investment in the country to boost its economy because of the banking restrictions.
US Secretary of State John Kerry has reiterated Washington’s commitment to its sanctions relief obligations to Iran under last year’s nuclear agreement and urged banks to do business with the Islamic republic in a meeting with Iranian Foreign Minister Mohammad Javad Zarif last week.
