It’s the historic agreement implemented in Vienna on Saturday that lifts a broad range of sanctions on Iran. The highest profile impact is lifting the embargo on Iranian oil exports, which is already pushing the oil price to sub-$30 per barrel prices.
It also potentially means a new market for UK companies. EEF have reported that almost 30% of UK manufacturers could benefit from an easing of trade sanctions with Iran.
As trade sanctions with #Iran are lifted, this could provide an opportunity for UK manufacturers in 2016 #ukmfgpic.twitter.com/nKFbcs0BhX
— EEF Economics Team (@EEF_Economists) January 18, 2016
But any company thinking about exporting to Iran should tread carefully and seek advice. A good place to start is the Government’s updated guidance on doing business with Iran.
While there is some helpful new export credit support from UK Export Finance, there remains a long list of activities that are still prohibited under proliferation-related sanctions.
In addition, there export controls and end-use controls are still in place for Iran, so it’s worth checking the updated Government Guidance before getting too excited about the new opportunities.
