TEHRAN – Just days away from the inauguration of Donald Trump as the 45th president of the U.S., Iran is lamenting that it still faces difficulties in conducting banking transactions expected to terminate after an international nuclear deal with world powers. 

However, it is far away from an impasse. 

“Our banking friends say although banking problems still persist, we face no deadlock in nowhere,” said Deputy Foreign Minister Abbas Araqchi on Sunday, speaking to a press conference. 

Araqchi was making the comments one day before the anniversary of the international nuclear deal between Iran and six world powers of the U.S., China, Russia, England, France, and Germany went into force on Jan. 16, 2016. 

Under the deal, Iran accepted some limits on its nuclear program in exchange for relief from economic sanctions.  

While the deal terminated all European provisions on banking ties with Iran, international banks have given the cold shoulder, fearing fines by Washington, which has left its primary sanctions in place. 

“The most important hurdle to removal of banking sanctions is the U.S. primary sanctions, imposed after the (1979) revolution,” noted Araqchi who acted as top negotiator in drafting the nuclear deal. 

Other issues such as introduction of new money laundering regulations and measures to dry up financial resources of terrorists over the past decade has added complexity to the banking dilemma with Iranian banks being kept out of involvement. 

“Our banks have been away from this atmosphere due to sanctions, and are updating themselves little by little,” he said.
  
Having said that, Tehran has managed to find ways to conduct banking transactions by bypassing the U.S. financial system, thus finalizing huge deals with international American and French plane makers. 

“There are legitimate and legal alternatives that we can use to do banking transactions without using the U.S. financial system,” as manifested in deals with Boeing and Airbus, explained the deputy foreign minister for legal affairs.  

Still concerns over smooth banking ties with Iran loom large given the hostile approach shown by the incoming Trump administration that has vowed to renegotiate the deal.

Citing the multilateral nature of the UN-endorsed accord Iran has said there is no room for questioning the deal.

Araqchi reiterated the remarks by the Leader that if the U.S. abrogates the nuclear deal Tehran will "set fire" to it.

AK/PA