Is there a way to keep doing business with Iran after US sanctions?

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By Euronews
Iran's oil exports would be hit by US sanctions
Iran's oil exports would be hit by US sanctions   -  Copyright  REUTERS/Raheb Homavandi/File Photo/File Photo

Diplomatic and commercial figures have gathered in Brussels for the Iran Forum. 

Very much in the backdrop was the withdrawal by the United States from the so-called JCPOA nuclear deal and their subsequent re-imposition of sanctions on Iran. 

That decision by President Trump has made it harder for Iranians to conduct business outside their country, and the deal may well collapse if a way is not found to retain Iran's commercial ties to the outside world despite US sanctions.

Iranian Deputy Oil Minister Amir Hossein Zamaninia, himself a former nuclear negotiator, told Euronews it would be "very difficult to be optimistic" about the prospect of retaining the deal after the US decided to reimpose sanctions.

"Time is of the essence and time is running out," he said. "Iran has some strategic patience but again, the balance of JCPOA has been destroyed. Those who think that it is an important agreement, which it is, need to remedy this balance now."

Technological Solution?

But the organizer of the Iran Forum believes new technology can be harnessed to maintain Iran's commercial relationships with the outside world, circumventing US restrictions. 

Mohammad Hossein Adeli, who used to be the Secretary General of Gas Exporting Countries, told Euronews:

"In knowledge and in technology, there are many ways to remove all borders and sanctions, because the real relationship and cooperation is through the web, is through technology and it is not through conventional ways that require physical transfer of things from one place to the other place."

If the diplomatic and business figures gathered here in Brussels can rise to the challenge, they may be able to preserve peace and security in at least one part of a volatile Middle East.