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On 16 January 2016 UK Trade & Investment (UKTI), Department for Business, Innovation & Skills (BIS), UK Export Finance (UKEF), Export Control Organisation (ECO) and The Rt Hon Lord Maude of Horsham announced that Iran has received extensive economic and financial sanctions relief as a result of meeting its obligations under the nuclear deal agreed on 14 July 2015, meaning the country is now able to trade more freely. The announcement said:
On 16 January Implementation Day was triggered following the verification by the International Atomic Energy Agency of Iran meeting its requirements as part of a comprehensive agreement on Iran’s nuclear programme. This has resulted in the termination of EU nuclear related financial and economic sanctions, and the suspension of US nuclear related secondary financial and economic sanctions.
As a result, UK Export Finance (UKEF), the UK’s export credit agency, has reintroduced cover to support UK companies seeking to compete for business in Iran.
Cover is now available on a case-by-case basis in Pounds Sterling and Euros. Within this, and in recognition of the UK’s place as a global centre of excellence for financial and professional services, UKEF will make available a £50 million facility guaranteeing payments to UK professional advisory service providers advising the government of Iran.
This can cover advice on areas such as: accounting standards; capital market development; compliance with global regulatory requirements; accessing and reducing the cost of financing; and facilitating new trade. UKEF will also consider applications for direct lending to purchasers of British exports to Iran.
To improve UK-Iran trade, UKEF will work directly with the Export Guarantee Fund of Iran and the Iranian Ministry of Economic Affairs and Finance.
UKTI is the government department that helps UK-based companies succeed in the global economy. It also helps overseas companies bring their investment to the UK’s economy. UKEF is the UK’s export credit agency. It supports long term economic growth and competitiveness by complementing the private market with insurance for exporters, loan guarantees to banks, and support for and provision of loans to overseas buyers of UK goods and services.
The latest information on UKEF’s cover position for the Islamic Republic of Iran can be found here.
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