Iran: Sanctions bar US firms from market

US companies will not be able to enter Iran’s oil and gas market under the new sanctions imposed by the Trump administration, a senior Iranian official has said.

Amir Hossein Zamaninia, deputy oil minister for trade and international affairs, told state news agency IRNA that although Iran is imposing no restrictions on US firms, the sanctions would bar them from participating.

“Based on the US Congress [sic] sanctions, the American oil companies cannot work in Iran,” he said on Monday.

On Friday, the US executive imposed fresh sanctions on individuals and entities it says are connected to Iran’s missile programme. A list published by the Treasury Department included companies based in Iran, China, the UAE and Lebanon.

Zamaninia dismissed the possibility that the sanctions will have a chilling effect on non-US investors. “International companies are still keen to do business with Iran,” he said.

Also on Friday, Speaker of the House Paul Ryan said that while the Joint Comprehensive Plan of Action, better known as the Iran nuclear deal, would most likely stay in place, the US nonetheless should strive to “ratchet up” sanctions.

Image courtesy of CNN