Ireland’s two main banks still refuse to facilitate financial transactions with Iran – the Middle East’s second largest economy – despite the lifting of EU and UN sanctions more than three months ago.
As representatives of Bord Bia, the Department of Agriculture and 17 Irish food companies take part in a trade mission to Iran this week, AIB and Bank of Ireland confirmed that their restrictions on processing Iranian money remain in place.
While international sanctions imposed over Tehran’s nuclear activities were lifted in January, US sanctions relating to terrorism and human rights are still in force.
As a result, many European banks remain wary of handling financial transactions that originate in Iran, fearing they may still fall foul of the existing measures.
Bank of Ireland said that while certain sanction restrictions in relation to Iran had been lifted, ongoing requirements and regulations remain, including the continued application of US primary sanctions.

Can’t process

“For these reasons, Bank of Ireland is not in a position to process Iranian-related transactions,” it said.
AIB said it has restrictions on financial transactions involving Iran but would keep the issue under review.
With 80 million people, for years cut off from trade, Iran is seen as one of the great untapped markets of the world.
Ireland’s food and beverage exports to Iran, which were not covered by sanctions, amounted to €3.6 million last year. They consisted mainly of fizzy drink concentrate, butter and prepared foods.

Source: Irish Time, 26 APRIL 2016