Financial institutions outside of the US can process dollar transactions on behalf of Iranian state-owned oil company NIOC so long as they avoid using the US financial system, the US Treasury says. The guidance shows that the US administration remains committed to meeting its obligations under the nuclear deal that, in January, lifted restrictions on Iran’s exports of crude and oil products, despite relations between Tehran and Washington not improving after the sanctions relief. Tehran has complained about insufficient relief from the nuclear-related sanctions. Many foreign banks have been reluctant to re-enter Iran after a decade of growing US sanctions.
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