11.08.2021

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.

Before the USA withdrew from JCPOA, Oberbank supported numerous customers with their Iranian business. However, the danger to European companies posed by the possible imposition of secondary US sanctions has also compelled 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, Oberbank has never granted and will not grant any 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.

 

Geschäftspolitische Maßnahmen im Irangeschäft (German version)

 

reconfirmed August 11th 2021