Iran lobbies HSBC to clear humanitarian transactions
Bank has blocked transfers for humanitarian goods, over worries about breaching sanctions
Iran is lobbying to get HSBC to process humanitarian trade transactions that Europe's biggest bank has frozen because of concerns about breaching international sanctions.
French bank BNP Paribas is facing a fine of as much as US$9 billion and other penalties over allegations of US sanctions breaches involving Iran and other states between 2002 and 2009.
Iran was never barred from buying food or other humanitarian goods under sanctions first imposed in 2006 over its nuclear activity. But measures by the European Union and the United States have made trade generally more difficult over the past two years, hindering payments and shipping.
"HSBC, like other banks, is increasingly worried about falling foul of any sanctions oversights. It is just not worth the risks, especially in this climate," a banking source said.
European and US trade sources, who also declined to be named, said HSBC had in recent weeks frozen some transactions for approved goods.
"My direct experience is that they have blocked payments going into and out of Iran," a European trade source said.