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Business Sweden in Iran

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Iran, with its approximately 80 million inhabitants, is considered one of the most important economies in the Middle East. However, due to the sanctions the United States imposed on the country August 6th 2018, it is complicated to conduct business with Iran.

Iran has a long history of being a political and cultural empire in Central Asia. Economical prospects have been considered promising, and Iran has for many years been an important export market to Sweden. The country has many conditions in place for good economic development and growth, such as considerable assets in the form of oil, gas and minerals and a significant and relatively advanced industrial sector. In addition, education is traditionally highly regarded, and due to the Iran’s geographic location, the country is an attractive place for companies wishing to expand their business in the wider region.

However, in 2018 USA decided to withdraw of the nuclear deal agreement that was formed between the US, China, Russia, UK and France (JCPOA). In addition, the United States decided to impose heavy economic sanctions on Iran. This effectively restrict American companies, as well as individuals, from engaging in any form of business activity with Iran, both directly and indirectly.

This means that a company with involvement with suppliers, including sub-contractors, with indirect ties to Iran, may be seen as a breach of the sanctions by US authorities. Moreover, US officials has stated that any firm doing business with Iran will be barred from conducting business with the United States. The sanctions have also hindered bank transfers and payments in and out of Iran.

Overall, this has made it complicated efforts in conducting business with Iran. However, each company should conduct its own individual risk-assessment of doing business in Iran depending on its exposure towards the American market.

 

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Andreas Giallourakis

Market Area Director Africa, Country Manager Kenya Market Area Director Africa, Country Manager Kenya
+254 20 374 9760 +254 20 374 1788

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