UK-US Trade: Iran Sanctions

Debate between Baroness Fairhead and Lord Lamont of Lerwick

Wednesday 16th May 2018 Lords Chamber

[Lord Lamont of Lerwick (Con)]

My Lords, I draw the House’s attention to my entry in the Register of Members’ Interests, both as the Government’s trade envoy to Iran and also as chairman of the British Iranian Chamber of Commerce. Would my noble friend say what she thinks the effects of the change in American policy are going to be on Airbus and Rolls-Royce, which have extensive pending orders in Iran? Secondly, following on the point made by the noble Lord, Lord Dubs, I am reassured by her answer, but did she notice the widely reported statement by the American ambassador to Germany in Berlin? Within hours of President Trump’s announcement that he was changing policy, he said that German firms should start winding down their operations with Iran. Surely it is completely unacceptable for people to give orders to firms that are acting in accordance with the laws of their own country.

[Baroness Fairhead]

My Lords, it is clear that there is extraterritorial reach to some of these sanctions. I cannot say anything but that. We are working with the US to see what we can do to make sure that those trade ties can exist. We are working on a range of measures to try to make sure that we protect UK and other EU interests, working with the E3 and the other parties. I cannot give a direct answer because at the moment we are still working through the options. However, I can say that we are working hard to make sure that those interests are protected. We are also working hard to ensure that it is in Iran’s continued interest to be part of the deal, to ensure that we maintain the JCPOA, which we think is critical.