Europe's big banks remain wary of doing business with Iran

Sanctions have been lifted but uncertainty over US authorities' stance means banks are reluctant to handle payments

A week after the lifting of sanctions against Iran, major European banks are still reluctant to handle Iranian payments as they remain wary of being the first to test the reaction of US authorities.

Despite guidance issued by the US treasury aimed at reassuring Europe that it was permissible to do business with Iran, excluding a number of entities and individuals that remain blacklisted, the continent's big banks still err on the side of caution.

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