US officials circle globe to explain Iran policy but fail to persuade
Obama administration officials are making strenuous efforts to convince foreign banks that they can return to Iran, but are failing to overcome fears of heavy fines and new sanctions.
ZURICH — Since a landmark nuclear deal went into effect in January, US officials have conducted roundtables with banking officials in more than 15 countries, but failed to reassure major foreign banks that it is OK for them to return to Iran, Al-Monitor has learned.
A business source briefed on the issue told Al-Monitor at a May 3-4 business conference in Zurich on condition of anonymity that two Swiss banks — Credit Suisse and UBS — were among those approached by officials from the US Department of State and the US Treasury. Most big foreign banks have so far rejected a return to Iran for a host of reasons, including heavy fines paid to the US government for past sanctions violations and concerns that the sanctions environment could change again for the worse.
