Top firms afraid to do business with Iran

Flag of Iran

Some big companies have begun signing deals with Tehran since the U.S. and other global powers lifted long-running sanctions against the Middle Eastern country, but banks are very nervous after being burned in the past.

CNN Money reports that HSBC, Standard Chartered and BNP Paribas have all been in trouble before -- and paid billions in fines -- for dealing with Iran while U.S. sanctions were in place.

So while they may see attractive commercial opportunities in the country of about 80 million people, they're treading very carefully because some sanctions still linger, including a ban on conducting transactions with Iran in U.S. dollars. U.S. banks are also still banned from dealing with Iran.

The removal of many sanctions in January was part of a deal designed to prevent Iran from obtaining or building a nuclear weapon.

To access the complete CNN Money article hit the link below:

Europe's banks too scared to do business with Iran

The days of hiding cash in London real estate are over

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts