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| Speaker: | Robert M. Kimmitt, Deputy Secretary, U.S. Department of the Treasury |
|---|
May 17, 2007
Excerpt:
Q: To what extent are you able to use the private sector in other countries as an ally?
Kimmitt: We always start by talking to our government counterparts. We first go in and see and finance ministry, the central bank, the bank regulator. We let them know, though, that we will be talking to banks and companies, particularly those that have large operations in the United States. They are subject to our sanctions in the United States. Technically, they are not subject abroad, but the risk of doing business with Iran is the same, and the reputational challenge is the same, wherever the company located.
Banks very often have been in front of their governments on this issue. They understand the risks to their reputations and their business. They do not want to do business with Iran, but they do want to continue to support companies they have long financed. Those companies are trying to figure out the best way to minimize their work in Iran or even extract themselves. It's complicated, but banks have been quite good to work with.
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