LONDON: The Iran nuclear deal requires that its partners take action to boost the country's economy, but European companies remain fearful of exposing themselves to US sanctions, experts told AFP.
They also face"practical challenges, such as finding a bank, a transporting company or an insurer," added the German-based expert in sanctions law.The banking issue is particularly sensitive, with major European lenders wary of running into problems with US authorities. "These secondary sanctions make it impossible for European institutions to trade, even if they have no banking links with the United States," added the French-based lawyer.
But Instex does not have a banking licence and must therefore rely on banks to channel the funds - a service European banks are wary of providing.
Source: News Formal (newsformal.com)
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