Bloomberg:

Major British and European banks want greater clarity on how sanctions on Iran will be lifted before they investigate openings in the country, the head of a recent U.K. delegation to the Islamic Republic said.

Twenty-five British companies were in Tehran this week on a trip organized by the British-Iranian Chamber of Commerce. But leading banks weren’t among them, Richard Dalton, a former U.K. ambassador to Iran and chamber president, said in an interview in Tehran. Nor were oil majors BP and Shell, he said, though both have said they’ve visited Iran in recent months.

“British second-tier banks are exploring opportunities in Iran,” Dalton said. But U.K. “and European first-tier banks are waiting for greater clarity from the United States about the impact of the banking boycott and how that’s going to be wound down.”...

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