Forbes:

European banks have begun a fresh wave of investment in Iran, just as Washington launches another attempt at restricting links between the US and Iran.

Over the past week, banks in Austria, Denmark and France have announced investment deals with Iran worth a collective €2bn ($2.4bn), while in contrast the White House on September 24 announced a fresh travel ban on the citizens of Iran and seven other countries.

The wave of European financing began on September 21, when Austria's Oberbank agreed to extend a €1bn line of credit to 14 Iranian banks. The money will be used for infrastructure projects in Iran. On the same day, Denmark’s Danske Bank signing a deal for a €500m line of credit with ten Iranian banks. Since then, French state-owned bank BPI France has said it will also provide a €500m credit line to French companies wanting to invest in Iran.

Those involved also have to be careful they do not get caught by fines for breaking the ongoing US sanctions against Iran. BPI for example was able to conclude its agreement because it has no operations in the US. In an interview published in Le Journal du Dimanche on September 24, Nicolas Dufourcq, chief executive of BPI France, said “We are the only French bank that can do it without risking US sanctions for a possible breach of remaining embargo rules.”

Go to link