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 The U.S. State Department recently cabled a message, known as a
demarche, to embassies around the world to reiterate that sanctions
on Iran are still in place, diplomatic and government sources told
Reuters on Friday.
The demarche stressed that sanctions on Iran would not be lifted
until the International Atomic Energy Agency verifies that Tehran
has complied with the terms of the deal.
"The United States wants to tell governments not to get ahead of
themselves when dealing with Iran," said a London-based diplomatic
source.
It is uncertain exactly when the layers of Western sanctions might
be lifted, but experts have said some international financial
transactions with Iran would be possible sometime next year if Iran
is found in compliance.
U.S. law allows the administration to enforce sanctions by targeting
financial institutions in countries that do business with the
state-owned National Iranian Oil Co or its subsidiaries. Companies
that breach the sanctions risk fines, asset freezes and being cut
off from the U.S. dollar banking system.
In 2014, the United States imposed a record fine on French bank BNP
Paribas <BNPP.PA>, which agreed to pay almost $9 billion to resolve
accusations it violated U.S. sanctions against Sudan, Cuba and Iran.
The Joint Comprehensive Plan of Action hit on July 14 by Iran and
six world powers, including the United States, imposes strict limits
on Iran's nuclear program in exchange for relief from sanctions.
Iran is counting on an end to sanctions to boost its battered
economy, particularly an oil and gas sector that has shriveled under
Western sanctions.
Business delegations led by senior government officials from major
economies, including Germany, Britain, France, Italy, Japan and
India, have traveled over the past three months to Tehran to discuss
future trade opportunities.
Most significantly, a number of the world's top oil companies
including Royal Dutch Shell <RDSa.L>, France's Total <TOTF.PA> and
Italy's Eni <ENI.MI> have held high-level talks with Iranian energy
officials to discuss the development of Iran's vast oil and gas
reserves. An Obama administration source confirmed the demarche was
sent recently.
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The administration is "routinely in touch with third party
stakeholders in the private sector and governments about the terms
of the plan," said the official, who is not authorized to speak
publicly about the deal and spoke only on condition of anonymity.
In addition to the demarche, U.S. officials have recently held round
table discussions with oil industry executives and bankers in
Washington and New York to reiterate that sanctions remain in
effect.
According to the London-based diplomatic source, Iran's decision
last month to postpone a key oil conference in London for the fourth
time came after U.S. officials conveyed concerns to British
diplomats that the Dec. 14 event would take place before the easing
of sanctions. It is now planned for February 2016.
Iran's national oil company has said it plans to unveil more than 50
new contracts for development of the country's energy reserves that
have been choked under the sanctions at the conference in February.
There has been "a real gap" in the understanding by oil and
commodities traders about the complexities of the deal and getting
information out there is important, said the Obama administration
source.
(Additional reporting by Parisa Hafezi in Ankara; Editing by Bruce
Wallace and Ken Wills)
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