Iran: Nuclear Deal

Lord Browne of Ladyton Excerpts

Tuesday 24th April 2018 Lords Chamber

[The Earl of Courtown]

My Lords, the noble Baroness mentions our relationship with the United States Administration, with whom we are in continual contact. Our contacts with the US Administration are very important. The noble Baroness has talked about our relationship with President Trump, one of our closest allies. The fact is that we continually engage with the Administration and no doubt that will continue.

[Lord Browne of Ladyton (Lab)]

My Lords, a US pull-out and the reimposition of tough sanctions on Iran will lead to those very firms that we have encouraged to trade with Iran, as well as our banks making contact with Iranian banks, to potentially suffer devastating losses of financial support by commercial banks. Last Thursday, when EU foreign Ministers met, at least some of them were contemplating an emergency line of credit of support for EU businesses trading with Iran. Do our Government intend to support that initiative if it is necessary to do so? If not, how do they intend to support our businesses?

[The Earl of Courtown]

I thank the noble Lord for raising a very important point. As I have said, the business environment in Iran is incredibly difficult and the opportunity for due diligence is equally so. The noble Lord mentioned a number of details which I am not aware of, and therefore I will have to write to him.