RayKalm
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Pakistan dismisses U.S. call to implement sanctions on Iran - Tehran Times
ISLAMABAD: The Securities & Exchange Commission of Pakistan (SECP) has disseminated a letter of the foreign office to the chambers of commerce of the country for taking necessary actions on U.S. sanctions on Iran, said a letter of the SECP on Saturday.
The U.S. government has requested that Pakistan should implement U.S. bilateral sanctions against Iran. These sanctions are non-binding and Pakistan is not under any obligation to comply. However, non-compliance of the sanctions by doing business with banned Iranian companies may have a negative implication, the letter said.
The SECP has sent this letter to Overseas Investors Chamber of Commerce and Industry (OICCI) a letter from ministry of foreign affairs for dissemination to member companies.
The companies working under the umbrella of OICCI are requested to take necessary action, it added. A ministry of foreign affairs letter says, The U.S. government has requested that Pakistan should implement U.S. bilateral sanction against Iran. The U.S. embassy has also shared a non-paper, which is enclosed for reference as well.
The foreign affairs letter further said, These sanctions are non-binding and Pakistan is not under any obligation to comply. However, our business entities may have to face the opportunity cost for doing businesses with banned Iranian companies, as in such case, they may find it difficult to do business with any U.S. company. This is only for information and may be disseminated to all stakeholders within SECP jurisdiction, the letter concludes.
