Sanctions relief for companies tied to Iran’s Revolutionary Guards

Under the nuclear accord signed between Iran and the world powers, dozens of firms directly linked to, or controlled by, Iran’s Revolutionary Guards will be removed from the sanctions blacklist, Reuters reports.

Roughly 90 percent of entities under embargo — such as current and former officials, firms linked to the Guards, as well as the Revolutionary Guards themselves — will be taken off the sanctions list by either the US, the EU or the UN.

A number will see sanctions lifted immediately, while others will see penalties lifted gradually, but within eight years. Some of the firms may remain under embargo by Washington, but may initiate trade ties with Europe.

One such firm, Bank Saderat Iran (BSI) — accused by the US of transferring money to Hezbollah and Hamas — will have EU sanctions lifted in eight years, although the US will maintain an embargo on the bank.

The elite Quds force, which conducts Iran’s military and intelligence operations abroad, is also expected to be delisted by the EU in eight years.

A company taken off the blacklist will be able to transfer money through global banks, to obtain and extend credit, and even to receive the backing of European export financing, the report notes.