02.01.2019

Business policy measures regarding Iran business

The withdrawal of the USA from the international agreement with Iran (JCPOA) and its threat of secondary sanctions have also altered the framework conditions for European companies with regard to business with Iran.  

During the past two years, Oberbank has assisted numerous customers with their Iranian business. However, the danger to European companies posed by the possible imposition of secondary US sanctions also compels us to withdraw. 

 

Oberbank principles governing Iran-related business

Assumption of business relationships

As was previously the case, no business relationships will be formed with companies, retail customers or beneficial owners with registered offices or domiciles in Iran.

 

Financing

No loans under cover of OeKB (Austrian Export Credit Agency Oesterreichische Kontrollbank) will be provided under the terms of the framework agreement regarding financing. Moreover, to date no mature projects for financing have been presented. Oberbank has never granted free financing for transactions relating to Iran.

 

Services (payment transactions, letters of credit)

The Oberbank will only support especially experienced, selected existing customers, who in the past have already reliably handled their business with Iran via our institute, with the supply of permitted humanitarian goods (solely foods, agricultural products, medicaments, medical products) subject to general international conditions and the relevant regulations covering money laundering prevention in Iran.  

 

Correspondent bank relations

New correspondent banking relationships will not be entered into. SWIFT has disconnected the Iranian correspondent banks affected by secondary sanctions from the payment transfer system and therefore no transactions can be carried out with these banks.

 

Geschäftspolitische Maßnahmen im Irangeschäft (German version)