In January 2016, the UN started to remove some of the sanctions imposed on Iran, related to the country’s nuclear program and uranium-enrichment program. The sanctions were eased as a result of the Joint Comprehensive Plan of Action (JCPOA) that was reached by the EU, the US, China, Russia, and Iran on July 14, 2015. The agreement specified limitations and requirements pertaining to Iran’s nuclear and uranium programs in exchange for lifting certain international sanctions.
Since the easement of sanctions, Iran has been eager to conduct business with new trade partners, and strengthen existing trade connections. Iran’s largest industry is the energy sector, specifically oil and gas. France has been particularly keen on nurturing business relations with Iran.
However, there are still risks related to conducting business with Iran. One of the most apparent risks is the possibility that sanctions will be re-imposed if Iran violates the terms of the JCPOA, which would force companies to reevaluate their investments. Additionally, in early 2018, the US President commented on potential renewed sanctions if changes are not made to the JCPOA.
Iran has the potential to provide many excellent new business oportunities to companies from around the world. However, there are also serious risks. If your company is looking to establish or strengthen its business presence in Iran, give Smith Brandon International a call. We can assist you in understanding the restrictions of current sanctions and potential risks for the future. We have resources and experience in Iran. We’ve helped many companies who are looking at potential business partners and ventures in Iran. We can provide a range of services to companies of all sizes looking at doing business in Iran.