Western banks cold-shoulder Iran trade finance scheme

[riky]

Western banks cold-shoulder Iran trade finance scheme

<p><a href="http://news.yahoo.com/western-banks-cold-shoulder-iran-trade-finance-scheme-183935436--sector.html"><img src="http://l2.yimg.com/bt/api/res/1.2/uNJgKvppvk8k3jywk7QWLA--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9NzU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2014-03-14T183935Z_1_CBREA2D1FU300_RTROPTP_2_CBUSINESS-US-IRAN-TRADE-BANKS.JPG" width="130" height="86" alt="Iran's President Rouhani speaks during session of World Economic Forum in Davos" align="left" title="Iran's President Rouhani speaks during session of World Economic Forum in Davos" border="0" /></a>By Jonathan Saul and Parisa Hafezi LONDON/ANKARA (Reuters) - Despite a diplomatic thaw, Western banks are steering clear of attempts by Iran to get them involved in financing humanitarian transactions, fearing they could be penalized under U.S. sanctions, bankers and government officials told Reuters. Iran was never barred from buying food or other humanitarian goods under sanctions imposed because of its disputed nuclear program, but measures by the European Union and the United States have made trade generally more difficult over the past two years by hindering payments and shipping. As part of talks in Geneva over the nuclear question, Tehran is pressing world powers to speed up trade finance arrangements on humanitarian deals involving both Western and Iranian banks, according to an Iranian government document seen by Reuters and sources familiar with the initiative. Iranian government officials and international trade sources say Tehran wants to simplify complex trade finance arrangements potentially worth billions of dollars, which would alleviate pressure on the country's sanctioned banking system.</p><br clear="all"/>

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