19 Mar 2024
Wednesday 29 July 2015 - 10:41
Story Code : 173774

Iran sanctions relief to initially benefit US oil, finance sectors - Lawyer

Dorsey and Whitney international business attorney Lawrence Ward claims that the finance and oil industries could be the first business sectors in the United States to profit from Iran sanctions relief, although foreign companies will reap most of the immediate benefits.

WASHINGTON (Sputnik) The finance and oil industries could be the first business sectors inthe United States toprofit fromIran sanctions relief, although foreign companies will reap most ofthe immediate benefits, Dorsey and Whitney international business attorney Lawrence Ward told Sputnik.

The two sectors that may feel a little relief onthe US side, atleast initially, are insome ways US financial institutions. The US oil and gas sectormay also feel some impact ofthe changes, Ward, who regularly represents clients ontrade regulations beforethe US Commerce, State and Treasury Departments, said onTuesday.

On July 14, Iran and the P5+1 countries comprised ofthe United States, Russia, China, France and the United Kingdom plus Germany, reached a comprehensive agreement toease international sanctions againstTehran if the country scales back its nuclear program.

Ward explained that the doors will not be thrust wide open toUS companies immediately once Irans economic restrictions are lifted because most sanctions are designed torelieve market access obstacles forforeign corporations.

At least initially, the sanctions relief that is going tobe felt is not going tobe felt byyour typical US company, he warned.

American companies will eventually start benefiting if Congress approves the Iran nuclear deal and all ofits terms are implemented asdesigned, Ward continued.

US businesses should feel the doors are going toopen much wider atthat point, Ward added. Assuming Iran agrees toall oftheir requirements forthe next 8 years, if everything goes smoothlywhich is a big question mark.

Ward also said he was worried that Congress has played such an active role infinalizing the Iran nuclear agreement because any major shifts inthe US political landscape could bode ill forthe future ofsanctions relief.

There is a lot that can happen inthe next eight years toderail this [Iran nuclear agreement] so it remains tobe seen where it is going togo, Ward concluded.

Last Thursday, US Senator and presidential candidate Marco Rubio claimed that US sanctions relief tied tothe Iranian nuclear deal will not be extended beyondUS President Barack Obamas term inoffice.

US Congress has now less than60 days tofully review the nuclear agreement withTehran, duringwhich time US President Barack Obama cannot waive or suspend congressional sanctions againstIran that are currently inplace. Obama can veto the bill if the deal is rejected, which inturn can be overridden bya two-thirds majority inCongress.

By Sputnik
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