On Monday the US government snapped back the sanctions on several industries in Iran, including the automotive industry, aerospace industry, precious metals, etc.
A day before the return of sanctions, five new ATR aircrafts of ATR72-600 Model were delivered to Iran. Fears were high whether this delivery could take place or not.
The European Union, China and Turkey have confirmed to continue their businesses with Iran despite the return of sanctions.
The EU has adopted amendments to its Blocking Statute in order to bypass US sanctions against Iran, providing legal protection for European businesses working in Iran.
However, the main challenge of creating a proper financial channel remains in place for which the EU has not yet provided any solutions. Such solutions and legal protections could encourage small and medium sized European companies to work in Iran.
Several Iranian companies and manufacturers categorized as “big” companies, at the international scales fall into “medium sized” companies, making it reasonable to seek cooperation with companies at the same size oversees.
However, the banking channel is the basic requirement to build their business relation regardless of their sizes.