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What Iran sanctions will mean for UAE businesses, US official explains

Business leaders have been briefed on the end of international sanctions against Iran and its implications for companies in the UAE.

Chris Backemeyer, the principal deputy coordinator for sanctions policy at the US state department, addressed worries the private sector might have after years of mistrust and embargoes following the revolution in 1979 and questions about the Islamic republic’s nuclear ambitions.

The US has sent teams to countries to explain the US’s approach to trade with Iran.

“We know sanctions are very confusing,” he said in meetings in Dubai and Abu Dhabi.

“It requires a lot of discussion with the private sector and with foreign governments, so we anticipated needing to do a lot of outreach when it came to the lifting of sanctions.”

On January 16, Iran complied with steps that showed it was not attempting to build a nuclear weapon.

These included removing two-thirds of its uranium centrifuges, disabling its plutonium reactor and measures that would allow better insight into its nuclear programme.

“As a result, we agreed to lift a series of nuclear-related sanctions including those applied to most of the major economic sectors in Iran, in particular to activities by non-US companies in the energy, financial and transportation,” said Mr Backemeyer, who was one of the negotiators for the deal.

Courtesy, The National

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