Visit to Oman, UAE and Iran

Lord Lamont of Lerwick Excerpts

Monday 11th December 2017 Lords Chamber

[Lord Lamont of Lerwick (Con)]

My Lords, I refer to my entry in the Register of Lords’ Interests, being both the chairman of the British-Iranian Chamber of Commerce and the Government’s trade envoy to Iran. I wholeheartedly agree with what is being said about Nazanin Zaghari-Ratcliffe and Mr Foroughi. I have been in touch with Mr Foroughi’s son about this tragic case.

First, will my noble friend confirm that, on 14 and 15 January, President Trump has to decide whether to waive the sanctions against Iran under the nuclear deal? If he fails to do this, secondary sanctions, which have been lifted in the United States, will spring back into action, and that will legally be a breach of the JCPOA, and will certainly be regarded by Iran as such. That will make it even more difficult for Europe to trade further with Iran.

Secondly, on the question of the Iranian embassy bank account, have the Government considered using the Bank of England there? Does it have sovereign immunity? It is difficult to imagine the Bank of England being prosecuted by the American authorities.

[Lord Ahmad of Wimbledon]

My Lords, my noble friend speaks from a deep knowledge of the bilateral relationship between the United Kingdom and Iran, and I commend his efforts. He raises the important issue of the nuclear deal. We have certainly been clear. I alluded earlier to the fact that the Prime Minister has been very clear to President Trump on the implications of the decision of the United States. On the specific dates my noble friend mentioned, I shall check the implications and what is pending. I believe that he is correct. The United States, not being part of the nuclear agreement, puts strain on the continuing sustainability of that deal. In saying that, I refer to a point I made earlier: it makes it even more vital to consolidate our efforts and collaborate with other partners, including our efforts through the E3 to ensure that the deal is sustained.

On my noble friend’s point on the Bank of England’s status vis-à-vis the bank account, perhaps I can write to him. Having spent 20 years in financial services, I know that various rules and regulations govern both the central bank and other private banks that may be operating.