INTERNATIONAL BUSINESS TIMES: Brexit Impact: UK Could Drop Sanctions To Trade With Iran

06/30/2016

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June 30, 2016 I By: ERIN BANCO

With Britons having voted to exit the European Union, Britain could eventually expand its trade with Iran — a country hungry for foreign investment, especially in its energy sector, compliance attorneys at the New York-based Sheppard Mullin told International Business Times. In the wake of a so-called Brexit, a warmer relationship between Britain and Iran could offer both countries solid economic opportunities.

Certain sanctions on Iran implemented by the EU during the past two decades would not necessarily be applicable to Britain after it formally leaves the bloc. Britain would no longer be bound by EU decisions and directives, including bans on dealing with designated organizations and people connected with Iran’s purported human rights abuses, such as the Islamic Revolutionary Guard Corps, the elite branch of the country’s armed forces.

After Britain’s vote to leave the EU last week, Iranian officials celebrated.

“The departure of England from the EU is a ‘historic opportunity’ for Iran — an advantage must be taken from this new opportunity,” President Hassan Rouhani’s deputy chief of staff for political affairs, Hamid Aboutalebi, tweeted in the wake of the referendum.

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