Iran Ready for US ‘Letters of Comfort’ for Easier Trade

Addressing a conference on opportunities for Iran-Chile economic cooperation, held in the South American nation on Thursday, Zarif said Iran is ready to get letters of comfort from the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury to assure foreign banks of working with Tehran without the fear of punitive reaction from Washington.

OFAC administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries or individuals.

The Idea come against the backdrop of concerns that the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany), has not led to any major breakthroughs in Iran’s financial transactions with foreign banks and companies.

Back in April, Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei said major global banks’ reluctance to work with Iran results from Washington’s intimidating policies and its push for provoking Iranophobia.

“The Iranophobia that the Americans have created and continue to provoke, is the reason why major world banks are unwilling to work with Iran,” Ayatollah Khamenei said at the time.

In a meeting in London this spring, US Secretary of State John Kerry encouraged European banks and companies to renew business with Iran. However, the firms have been reluctant to do so, fearing that they could be punished under American legislation.

Following Foreign Minister Zarif’s Idea, an informed source said “tens of letters of comfort” have been issued so far after the nuclear deal, saying such process is still in progress.

“In cases when a bank or an institution is worried about interaction with Iran, it makes a request for such a letter (of comfort), and we process it within the framework of JCPOA implementation negotiations, and the letter will be issued,” the source added.