US fears obstructing trade with Iran - UK

British trade officials say fears from US punitive measures is preventing the country’s businesses to approach the Iranian market.

Lord Norman Lamont, UK’s Trade Envoy to Iran, has been quoted by Iran’s media as saying “A lot of British and American banks have been fined enormous sums of money. Some of them have deferred prosecution agreements, some are still arguing with American regulators so they are very very cautious.”

He told IRNA “But I think we are beginning to see signs of some of the smaller banks coming back in and I think it will be like a pebble that starts the bigger stones rolling.”

Lord Lamont also emphasized that the closure of the British Embassy in Tehran had contributed to a stalemate in trade ties between the two countries.

Lord Lamont has been appointed as the UK’s trade envoy to Iran as part of a wider government attempt to reverse Britain’s underwhelming record of exports.

The appointment of the former chancellor to the new role comes just three months after a series sanctions against Iran were lifted as part of a deal with the 5+1 group of countries – the five permanent members of the Security Council plus Germany – over Iran’s nuclear energy program.

The media reported this past Wednesday that UK’s Business Secretary Sajid Javid plans to visit Iran in May for high-level economic and trade talks. Javid will head a large delegation that has been described as Britain’s biggest ever trade team travelling abroad.

ME