European Bank Activated Iranian Petrochemical Company's Account

According to a media report, a Spanish bank has activated the account for one of Iran major petrochemical makers - Iranian Petrochemical Commercial Company (IPCC) for the first time in five years, marking the first step in lifting the banking sanction on Iranian petrochemical export.

Prior to this, the contract between IPCC and the association of Spanish manufacturers was signed through an "escrow account agreement", which was used for official banking transactions for its export activities. Executive director of IPCC Mehdi Sharifi Niknafs was quoted saying, “On the basis of the reached agreements and receiving of official approvals the government and central bank of Spain, the limitations of receiving of money as well as export of products from various world countries were practically removed.”

The removal of the ban is expected to reconnect Iran with the Society for Worldwide Interbank Financial Telecommunication (SWIFT) financial-transactions system, thereafter, banks will be able to transfer unlimited money in and out of Iran.

IPCC will now go ahead with the sale of petrochemical products, after the removal of restrictions on the sale after the preliminary agreement between the country and six world powers in Geneva. However, there is no official date has been declared for the lifting of sanctions.

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