Question to the Department for International Trade:

To ask the Secretary of State for International Trade, what steps UK Export Finance can take to simplify money transactions between the UK and Iran.

The Government supports expanding the UK’s trading relationship with Iran where it is beneficial for UK businesses and encourages UK businesses to take advantage of the commercial opportunities that arise. As soon as sanctions were lifted, UK Export Finance became the first export credit agency to reintroduce cover for Iran. However, Government and UK Export Finance recognise the difficulties that major UK and international banks face in handling transactions connected to Iran. We are working closely with UK-based banking industry bodies such as the British Bankers’ Association, the Association of Foreign Banks, and with UK-based banks to explore how it can support them as they consider providing financial services to UK businesses who wish to trade with Iran.