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Iran's Oil Deals Hit Banking Snag
(Wall Street Journal) Benoit Faucon - Even after the lifting of international sanctions against Iran, long-standing U.S. banking limitations are impeding the country's oil resurgence by forcing energy companies to use small lenders or barter to get their deals done. U.S. banking restrictions remain in place over Iran's support for terrorism and its testing of ballistic missiles. They ban dollar transactions processed through the U.S. financial system, as well as any dealings with entities accused by the U.S. government of supporting terrorism, human-rights violations and long-range missile programs. The remaining U.S. restrictions ban transactions with Iran in dollars, the currency of choice in the global oil market. But most important, major European banks refuse to take on even legal business for fear of falling foul of U.S. authorities.