Black Country Chamber offering firms advice over new Iran sanctions
The Black Country's biggest business organisation is urging companies worried about new Iran trade sanctions to get in touch for crucial advice.
In the wake of the US re-imposing sanctions on Iran the Black Country Chamber of Commerce is warning affected businesses to contact the organisation before taking any further action.
On Tuesday President Trump announced he would re-impose a trade embargo on Iran after withdrawing from a 2015 deal that lifted sanctions in return for a halt on Iran’s nuclear programme.
But the UK and EU leaders are backing the Iran Nuclear Deal, with the European Union issued a "blocking statute" on Monday to protect European businesses from the impact of the sanctions.
But businesses that do not comply with the sanctions could face difficulties when it comes to trading internationally, with Mr Trump warning: "Anyone doing business with Iran will NOT be doing business with the United States."
Corin Crane, chief executive of the Black Country Chamber of Commerce, said: “The President of the United States has categorically stated that any company doing business with Iran will not be doing business with the US for the foreseeable future.
"With this in mind, there are fears that UK and European banks will be unwilling to handle money related to trade with Iran, with cash flow and successful payments becoming an immediate concern. Furthermore, we may also see a ‘blacklisting’ of businesses who continue to trade with Iran.
“We know that there will likely be businesses affected by this recent announcement in the Black Country and across the West Midlands, and what they require is clarity and trusted advice from trade experts.
"We have fantastic international trade and export documentation advisers here at the Black Country Chamber and advise any potentially affected firms to give us a call.”
The Black Country Chamber has around 1,500 member companies employing more than 67,500 people across Dudley, Sandwell, Walsall and Wolverhampton.
Jim Archibald, export documentation manager at the Black Country Chamber, added: “It may only be US sanctions that have been re-imposed but US involvement, particularly in the banking sector, will make trading with Iran very difficult for European companies. US citizens and companies are likely to be forbidden from facilitating trade with Iran, so no matter where they are located, European and UK businesses will not be immune from Donald Trump’s unilateral decision.
“Certainly, if you are a UK subsidiary of a US-owned parent company, it will be worthwhile checking what company policy and position is moving forward. These sanctions are expected to increase in scope over a longer period, so if you are a company with long-term contractual agreements in Iran, do be aware of company policy.”
Any firm affected by the sanctions or seeking information can contact Gerald La Touche, International trade adviser at the Black Country Chamber of Commerce, on 01902 912318.
