ABC News, Aug. 25, 2016 – Australia could be losing billions of dollars a year in trade with Iran due to ties that at least one domestic bank has to the United States.
An Australian businessman has told the ABC he would like to trade with Iran, but his financial institution said it wanted no part in his trade, fearing a backlash from the US.
Australia has dropped trade sanctions with Iran, but in the United States they remain in place.

Sydney-based exporter and importer Christopher Cox told PM he took his business to the ANZ bank because of its far-reaching international branch network, compared with other local banks.
But ANZ said it would not provide the channel needed to send and receive between Australia and
“We just can’t do business,” Mr Cox said.
“We have to use money exchanges in Melbourne.”
In a statement provided to the ABC in regards to the matter, ANZ said: “While there has been a lifting of some sanctions to Iran by Australian authorities, as an international bank we continue to comply with the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) which bans transactions to and from Iran.”

The Minister for Trade and Investment, Steven Ciobo

Minister for Trade Steven Ciobo defended the Australian financial sector, describing it as being in the “post-sanctions period”.
“That means there are a number of issues that need to be worked through,” Mr Ciobo said.
“Of course there are ongoing issues with respect to finance and that will change in time.
“As the global economy continues to engage again with Iran we’ll see those kinds of barriers fall away.”

By David Taylor