Bloomberg News

Companies Eschew Doing Business With Iran as U.S. Sanctions Bite

July 03, 2012

Following are comments on the effect of U.S. sanctions against Iran from Jeanne Archibald, a partner who leads the government regulatory practice group at law firm Hogan Lovells in Washington.

Twenty countries including China, Japan and India, Iran’s three biggest customers, were exempted from U.S. sanctions that took effect June 28. Under the law, banks in countries that don’t reduce imports from Iran may lose access to the U.S. financial system. Archibald, who formerly served as the U.S. Treasury Department’s general counsel, spoke by phone today.

“One thing I’m seeing a lot of in my practice is companies, including non-U.S. companies, simply deciding as a business matter that they’re not going to do business that touches Iran, or they’re going to be very careful about the kind of business, or how much. We see many business people saying, ‘It’s just not worth the trouble I have to go to and the risk I take.”’

To contact the reporter on this story: Isaac Arnsdorf in London at iarnsdorf@bloomberg.net

To contact the editor responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net


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