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ARTICLE · 01 AUGUST 2017

Iran – New Opportunities And Continuing Risks

Beale & Company (Middle East)
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Whilst most EU sanctions on Iran related activity have been lifted, restrictions on the export of certain items and on dealings with specific persons and entities remain in place.

GlobalInternational Law
Antony Smith
Antony Smith

The suspension of UN and EU nuclear related sanctions against Iran on January 16, 2016, referred to as 'Implementation Day', has generated significant media coverage highlighting potential commercial opportunities for UK firms in the Iranian market as the country is re-integrated into the international financial and trade system following a decade of economic isolation since these sanctions were first imposed in 2006-7

In spite of the debilitating impact of economic sanctions, Iran's $400bn economy remains the second largest in the Middle East after Saudi Arabia and is significantly more diversified than the petro-economies of the Gulf States. However, severe restrictions on imports of western machinery, high-tech products and spare parts have resulted in a degradation of Iran's infrastructure and industrial base and, in particular, of its oil sector – all of which require substantial investment.

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