Dubai: Businesses and banks need to be realistic on the existing economic sanctions and should not be in a rush to do business with Iran, David S. Cohen, Under Secretary for Terrorism and Financial Intelligence at US Treasury told Gulf News in an interview.. Cohen’s comments come at a time when leading global oil companies, banks and trading firms are preparing to head to Tehran in search of lucrative deals.. The recent thaw in relations between the West and Iran following Iran’s agreement with the P5+1 (Britain, China, France, Germany, Russia and US) on an interim deal on its nuclear programme has raised the hope among international businesses that the sanctions are on their way out. . "My message, first of all, is that anyone who is contemplating doing business with Iran should be extraordinarily careful because of the extensive and complicated sanctions that are still in place," said Cohen.. Interim agreement. The US official said the aim of the interim agreement that was reached in Geneva is to freeze much of Iran’s nuclear programme for six months so that international negotiators can pursue a more comprehensive accord. . "The sanctions relief agreed in Geneva is limited, temporary and reversible," said Cohen.. The US Treasury Department insists that despite the Geneva agreement, a vast majority of sanctions on Iran remains in place and the scope for doing business remains extremely limited.. "I would urge anyone who is planning to do business with Iran to think twice and consider both legal risks and reputational risks they could face," Cohen said.. Even if Iran is to reach a comprehensive deal on nuclear deal, the US official thinks it will not result in an end to all sanctions. "We still have significant issues with Iran’s support for international terrorism, their abuse of human rights, for their support of the Assad regime in Syria and organizations with terrorism links," he said.
Dubai: Businesses and banks need to be realistic on the existing economic sanctions and should not be in a rush to do business with Iran, David S. Cohen, Under Secretary for Terrorism and Financial Intelligence at US Treasury told Gulf News in an interview.. Cohen’s comments come at a time when leading global oil companies, banks and trading firms are preparing to head to Tehran in search of lucrative deals.. The recent thaw in relations between the West and Iran following Iran’s agreement with the P5+1 (Britain, China, France, Germany, Russia and US) on an interim deal on its nuclear programme has raised the hope among international businesses that the sanctions are on their way out. . "My message, first of all, is that anyone who is contemplating doing business with Iran should be extraordinarily careful because of the extensive and complicated sanctions that are still in place," said Cohen.. Interim agreement. The US official said the aim of the interim agreement that was reached in Geneva is to freeze much of Iran’s nuclear programme for six months so that international negotiators can pursue a more comprehensive accord. . "The sanctions relief agreed in Geneva is limited, temporary and reversible," said Cohen.. The US Treasury Department insists that despite the Geneva agreement, a vast majority of sanctions on Iran remains in place and the scope for doing business remains extremely limited.. "I would urge anyone who is planning to do business with Iran to think twice and consider both legal risks and reputational risks they could face," Cohen said.. Even if Iran is to reach a comprehensive deal on nuclear deal, the US official thinks it will not result in an end to all sanctions. "We still have significant issues with Iran’s support for international terrorism, their abuse of human rights, for their support of the Assad regime in Syria and organizations with terrorism links," he said.
