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France Opens Trade Office in Iran France Opens Trade Office in Iran
(about 14 hours later)
TEHRAN — France opened a trade office in Tehran on Monday, leading the charge of European countries angling for a share of the Iranian market after the July nuclear agreement. TEHRAN — France opened a trade office in Tehran on Monday, leading the charge of European countries angling for a share of the Iranian market after the July nuclear agreement.
The opening occurred at the end of a two-day visit that brought more than 130 representatives of French companies, including Airbus, the carmakers Renault and Peugeot and the oil giant Total.The opening occurred at the end of a two-day visit that brought more than 130 representatives of French companies, including Airbus, the carmakers Renault and Peugeot and the oil giant Total.
Several European and Asian business delegations have been visiting the Iranian capital since the signing of the nuclear agreement, meeting with ministers and business leaders. The United States, however, continues to be a political outcast here, at the order of Iran’s supreme leader, Ayatollah Ali Khamenei. Several European and Asian business delegations have been visiting the Iranian capital since the signing of the nuclear agreement, meeting with ministers and business leaders. The United States, however, continues to be a political outcast here, on the order of Iran’s supreme leader, Ayatollah Ali Khamenei.
“Now that the nuclear agreement is made, we enter a new period with Iran,” said Matthias Fekl, France’s secretary of state for international business and tourism. “We are seeking long and deep economical partnerships with Iran.”“Now that the nuclear agreement is made, we enter a new period with Iran,” said Matthias Fekl, France’s secretary of state for international business and tourism. “We are seeking long and deep economical partnerships with Iran.”
Earlier in the day, Mr. Fekl opened the first major European trade office in Tehran.Earlier in the day, Mr. Fekl opened the first major European trade office in Tehran.
France and other European nations have been seeking clarity from the United States regarding its unilateral sanctions on financial transactions, which often go through New York City. While the nuclear agreement calls for lifting most sanctions, the major banks, including those in Europe, fear they could face large fines from the Department of Justice for doing business with Iran — not because of the sanctions but because Iran is designated as a state sponsor of terrorism under United States law.France and other European nations have been seeking clarity from the United States regarding its unilateral sanctions on financial transactions, which often go through New York City. While the nuclear agreement calls for lifting most sanctions, the major banks, including those in Europe, fear they could face large fines from the Department of Justice for doing business with Iran — not because of the sanctions but because Iran is designated as a state sponsor of terrorism under United States law.
This month, the British-based Standard Chartered Bank reached a tentative agreement with the Department of Justice to pay an unspecified fine for violating United States sanctions on Iran, the latest in a series of such violations by the bank. The fine was expected to be considerably less than the $340 million Standard Chartered paid to New York State regulators, who accused the bank of hiding $250 billion in transactions over a decade. Since the sanctions were imposed, several European banks have been fined large sums by the Department of Justice, including Standard Chartered of Britain, which has paid a total of nearly $1 billion, and ABN Amro of the Netherlands. The Department of Justice is investigating whether Standard Chartered has continued to violate sanctions rules; the bank told The Financial Times that it was cooperating with the investigation but would not comment further.
Mr. Fekl, a deputy to the French foreign minister, Laurent Fabius, one of the architects of the nuclear agreement, said his country would not accept such measures. In 2014, France’s biggest bank, BNP Paribas, pleaded guilty to criminal charges and agreed to pay an $8.9 billion fine for doing business with Sudan, Iran and other countries blacklisted by the United States. State and federal authorities portrayed BNP as the worst offender among the banks that had settled sanctions cases.
“We have to stick to the agreement we made in Vienna,” he said of the nuclear deal. “The extraterritorial effect of measures of one country are a problem under international law. Which is difficult for us to understand, as European countries.” Mr. Fekl, a deputy to the French foreign minister, Laurent Fabius, one of the architects of the nuclear agreement, said, “The extraterritorial effect of measures of one country are a problem under international law. Which is difficult for us to understand, as European countries.”