Tough EU sanctions have been eased, and now the island’s insurance sector is being given permission to offer services to the country’s crude oil suppliers.
The amount of money that can be transferred between businesses in Guernsey and Iran is also being increased, from £40,000 to £400,000.
But Guernsey’s government is warning firms in the island to take a “cautious approach” to satisfy the exact requirements of the European Union rules.
The Policy Council will have the final say on whether any companies can do business with Iran.
Guernsey is one of the world’s leading provider of specialist insurance products to big multi-nationals.
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