UK pressing wary banks to deepen trade deals with Iran

Reuters

By Kylie MacLellan and Jonathan Saul

 Trade between Britain and Iran is beginning to grow but the reluctance of large Western lenders is holding back a major expansion of ties and needs to be resolved, government and finance officials said on Wednesday. Since the removal of international banking restrictions in January, Tehran has secured links with only a limited number of smaller banks as U.S. sanctions remain in force and large foreign institutions still fear potential fines. Banks remain nervous after U.S. penalties including a $9 billion (£7.32 billion) fine on France's BNP Paribas in 2014, partly for violating financial sanctions imposed in 2012 to pressure Iran to abandon its nuclear programme.

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