Iran-Italy Trade Volume Falls to 1.7b Euros
IRAN NEWS ECONOMIC DESK
TEHRAN – Lida Shahabi, general secretary of Iran-Italy Joint Chamber of Commerce, says FATF decision to blacklist Iran will make the situation difficult for traders because even small banks may stop cooperating with Iran.
Speaking to ILNA, Shahabi said that despite the U.S. sanctions and restrictions for trade, some small Italian banks cooperated with Iran very silently but FATF’s approval for blacklisting Iran will toughen the situation and even those small Italian banks may stop working with Iranians.
On decision of two Italian banks of Intesa SanPaolo and ING Direct Bank for closing the banking accounts of Iranian nationals, she said that both banks have Dutch and American shareholders and they played their role in making such a decision. She noted that after the U.S. secondary sanctions, some of Italian banks officially announced that they would not work with Iranians and only these two banks were ready to cooperate with Iran and they also called on their Iranian clients to close their accounts. She said even reports on FATF decision made those banks react immediately.
She said closure of banking accounts of Iranian nationals is done at random and they are asked to fill in some forms to explain on some dubious trades or deals.
Shahabi said that some famous Iranian businessmen had been working with big Italian banks like Banca Poplare till some while ago. She reiterated that although these banks do not open new accounts for Iranians, they are still cooperating with the old clients. She admitted that after FATF approval, no bank or financial institute would work with Iranians.
She added that the FATF approval worsened the condition for banking transaction and transfer of money and the chamber is waiting for Italian government and banking system’s stand towards the FATF decision.
She went on to say that in order to be delisted by the FATF, Iran has to go a long way.
Shahabi also pointed to the trade volume of Iran and Italy, saying that the trade volume of both countries was around 7.4b euros before the U.S. pullout of the JCPOA but after reimposition of sanctions, the figure dropped to 1.7b euros and the reason is the fall in Iran’s oil exports to Italy and pullout of Italian oil company ENI.
She added that despite sanctions, small and medium-sized Italian enterprises which account for 80 percent of its total economy were and are ready to cooperate with Iran and blacklisting of Iran’s financial network will make the condition difficult for cooperation.
