US SANCTIONS COULD COMPLICATE
SWEDISH BUSINESS IN IRAN
In the wake of the recent far-reaching sanctions signed into law by President Obama, Swedish financial institutions have halted most transactions in and out of Iran. It is too premature to say how the new regulations will affect the EU but the risk is that Swedish banks and the approximately 100 Swedish companies doing business in Iran will be forced to choose sides. Lars Gorton from the Stockholm Centre for Commercial Law emphasizes that Swedish and European banks will proceed with caution for fear of being shut out from such a crucial major market as the US. “We are awaiting further clarification from the US regarding how the sanctions will be implemented. We are eager to be able to continue our international business in the US. Banks which do not follow the new regulations risk facing difficulties operating on the American capital market,” Nordea’s Helen Östman said. “The decision is still fresh. It is too early to say if and how this will affect us,” Fredrik Hallstan from Ericsson’s Media Relations said.
In the wake of the recent far-reaching sanctions signed into law by President Obama, Swedish financial institutions have halted most transactions in and out of Iran. It is too premature to say how the new regulations will affect the EU but the risk is that Swedish banks and the approximately 100 Swedish companies doing business in Iran will be forced to choose sides. Lars Gorton from the Stockholm Centre for Commercial Law emphasizes that Swedish and European banks will proceed with caution for fear of being shut out from such a crucial major market as the US. “We are awaiting further clarification from the US regarding how the sanctions will be implemented. We are eager to be able to continue our international business in the US. Banks which do not follow the new regulations risk facing difficulties operating on the American capital market,” Nordea’s Helen Östman said. “The decision is still fresh. It is too early to say if and how this will affect us,” Fredrik Hallstan from Ericsson’s Media Relations said.
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