Iranian market hit by nuclear tension

According to Derbyshire and Nottinghamshire Chamber’s International Trade Forum, unilateral decisions by some British banks have left companies unable to collect payment for goods and services already provided.

David Hood, head of International Trade and Information at the Chamber, said: “We are directly aware of two or three members in this situation but the feeling is that this is very much the tip of the iceberg. Iran offers a very attractive market to British companies and this move has penalised them unfairly.”

Iran is a good market for British products and services. Direct trade was worth around 500 million in 2005. One Iranian bank has had UN sanctions imposed on it, but it appears the Chamber says some British clearing banks have unilaterally decided not to act as clearing agents for payments from any Iranian banks.

Mr Hood said: “The British Iranian Chamber of Commerce (BICC) has written to the Treasury on behalf of British exporters but the Government response is that these are private sector banks and the decision is theirs. I believe Derbyshire firms would lose out considerably as a result of this action.

“We are writing to the Foreign and Commonwealth Office to take the matter further.

Exporters needing help and advice should contact UKTI’s Iran desk on 0207 215 4834, Derbyshire and Nottinghamshire Chamber on 01246 2122916 or The BICC on 0207 233 4441.