Arabian Gulf companies tread carefully in doing business with Iran | The National

Arabian Gulf companies tread carefully in doing business with Iran | The National:

"Arabian Gulf companies seeking to do business with Iran are treading cautiously because there are a number of pitfalls from working with Iran’s sanction-hit Islamic Revolutionary Guards Corps (IRGC) to involvement of US dollar transactions.

The easing of US, European and other western sanctions on Iran in January presents Arabian Gulf companies, particularly those in the UAE, with ample business opportunities. But the complexity of the remaining sanctions leaves a lot of hurdles.

“There are a number of new opportunities certainly for non-US companies, but we would recommend a cautious approach to understand and take heed of continuing restrictions," says Nicholas Coward, a Washington-based lawyer at Baker & McKenzie.

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