(MENAFN) It hasn't been long since the long suffocating sanctions on Iran have been removed, and both a gradual and steady recovery was anticipated if not certain fort the oil rich Islamic Republic.
The nation is rebuilding its economy carefully as the lifting of sanctions has created golden opportunities for it and its economic allies to restore their trade and political relations which benefit both sides.
In particular, the ban was smacked on Iran in a politically motivated move on June 2012 after the Western governments hardened sanctions against the Islamic Republic over its peaceful nuclear program.
"The prohibition had applied to all financial institutions and individuals, as defined in section 27A(6) read with section 27A(7) of the MAS Act, from doing business with the Iranian government," said a top economist.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.