Brexit Could Kill Sanctions, Open UK-Iran Trade

Iran Sees Brexit as 'Historic Opportunity'

by Jason Ditz, June 29, 2016

The withdrawal of Britain from the European Union in last week’s Brexit vote would end the nation’s obligations to go along with EU-wide sanctions imposed around the world and, analysts are saying, this could mean Britain ditching all sanctions on Iran.

The timing couldn’t be better for Britain, or for Iran, and indeed, Iranian officials praised last week’s vote as “an historic opportunity,” not just for Britain, but for the Iranian economy, as they believe this could free up British banks to be more eager to facilitate trade with Iran.

With the P5+1 nuclear deal with Iran going into effect earlier this year, Iran has a massive amount of unfrozen assets, and have made clear they are eager to make major deals with foreign contractors, and are also eager to court large foreign investment.

With Britain potentially losing its access to the European common market, opening up Iran for investment could be one heck of a consolation prize, and while a lot of this remains dependent on what form Brexit itself ultimately takes, it must certainly give pause to those who believe the exit from the EU will be all losses and nothing gained for Britain’s economy.

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