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Kerry Reassures Top Bank Executives On Doing Business With Iran

U.S. Secretary of State John Kerry has told top bank executives that the United States will not stand in the way if they want to do business with Iran.

Kerry told the meeting of European bank executives in London on May 12 that lenders will not be penalized for doing legitimate business with Iran because most global sanctions have been removed under Tehran's nuclear deal with world powers.

Major British banks attended the meeting, including Barclays, HSBC, and Standard Chartered, along with other European banks.

Kerry said Washington wants to make clear that as long as banks do their "normal due diligence" to know whom they're doing business with, they won't be held to an undefined or inappropriate standard.

Kerry stressed that banks should only avoid doing business with Iranian businesses and individuals who the United States continues to target with sanctions, such as companies associated with Iran's Revolutionary Guards.

Based on reporting by AP and Reuters