Following a recent nuclear deal, non US citizens and companies are now allowed to trade with Iranian government entities, as well as sell goods and services such as insurance, steel and iron, according to Reuters.
Reuters also reports that the price of oil has significantly fallen since the sanctions were lifted, declining to US$27.67 per barrel – the lowest figure recorded since 2003.
Mr Sarosh Zaiwalla, Founder and Senior Partner at international sanctions law firm Zaiwalla & Co, said: “We welcome the lifting of Western economic sanctions on Iran’s financial, energy and transport sectors, as well as the termination of so-called ‘secondary sanctions’ preventing non-US persons from conducting transactions with Iranian entities.
“The imposition of extensive sanctions and trade restrictions on Iran has crippled its economy in the past few years, particularly in the financial and energy sectors, significantly affecting the day-to-day lives of local Iranians and their businesses, in addition to foreign companies and individuals with an interest in investing in the country.
“Iran’s reengagement with international markets has been supported by new legislation designed to attract more foreign investment into the country, removing previous restrictions on the percentage of foreign shareholding in Iran and even opening up the possibility of registering an Iranian company with 100% foreign capital.
“This is a particularly important development for the energy sector, in which Iran is hoping to attract $30bn of foreign investment to help realise its ambitions to increase oil production.”
“It is important to note, however, that Iran is subject to a ‘snapback’ re-imposition of the terminated sanctions in the event of significant non-performance of its JCPOA commitments. Additionally, the majority of US sanctions preventing US persons from conducting transactions in Iran remain in place and businesses must ensure they comply with all applicable sanctions to prevent problems.”