Scottish exporters and firms operating in the oil and gas services sector are expected to get a boost from the lifting of sanctions on Iran.
However, legal experts have warned that, with a US trade embargo still in place, Western banks remain reluctant to support Iranian-related businesses.
The UN nuclear agency certified on Saturday that Iran has met all of its commitments under last summer’s agreement, prompting the lifting of most economic sanctions. Iran plans to increase oil production by 500,000 barrels per day following the landmark nuclear deal.
Alongside energy services providers, Scottish businesses operating in the life sciences, technology, university and professional service sectors could also benefit from the sanctions breakthrough.
Tom Stocker, an Edinburgh-based partner and member of the regulatory and business crime team at legal firm Pinsent Masons, said: “Following the partial lifting of EU and US sanctions, Scottish exporters and oil and gas service and engineering companies are set to re-enter Iran. We have seen a significant increase in companies seeking market entry advice.
“The biggest challenge to Iranian-related business is the US regime. The US has lifted sanctions that apply to non-US persons but US businesses remain prohibited from engaging in Iranian-related business and 200 entities remain subject to US sanctions.”
Pinsent Masons has teamed up with US law firm Husch Blackwell to provide an Iranian sanctions advisory service.