Doing Business with Iran: The Clock is Ticking - William Nash, Daniel Waltz

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    Both Defense News and The National covered remarks made by DC Partner Dan Waltz and Abu Dhabi Managing Partner Bill Nash during a Defense Services Marketing Council forum on February 18, 2014 in Abu Dhabi. The partners addressed the effects US-imposed sanctions against Iran may have on companies doing business with the country. While some sanctions have been eased, companies looking to do business with Iran have only a 180-day window to proceed. A comprehensive agreement may be negotiated before the end of the six-month period; however, both partners expressed cautious optimism regarding negotiations. According to Mr. Waltz, a second interim agreement may be more likely: “You could imagine a second six-month interim agreement if they continue to negotiate towards a comprehensive agreement.” Although US ‘secondary sanctions’ target Iran, he said they did so by threatening the imposition of sanctions against third-country companies that engaged in specified categories of transactions, including companies in Abu Dhabi. “Because of this horribly increasing complicated set of sanctions targeting foreign institutions, a lot of banks are gun-shy and they don’t want to handle transactions coming out of Iran,” he said. “Iranians are willing to make the payment but no banks can clear the payment to pay the US exporter. So the US has committed to opening banking channels to facilitate this lawful trade.” AMEinfo.com carried news of a similar briefing also featuring Mr. Waltz co-hosted by The American Business Council on February 19, 2014 in Dubai.  

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