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Thursday 25 August 2016
Australia could be losing billions of dollars a year in trade with Iran thanks to ties that at least one domestic bank has to the United States.
An Australian businessman has told the ABC he would like to trade with Iran, but his financial institution said it wanted no part in his trade, fearing a backlash from the US.
Australia has dropped trade sanctions with Iran, but in the United States they remain in place.
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Sydney-based exporter and importer Christopher Cox told PM he took his business to the ANZ bank because of its far-reaching international branch network, compared with other local banks.
But ANZ said it would not provide the channel needed to send and receive between Australia and Iran, leaving Mr Cox extremely frustrated, as all the other necessary financial and business infrastructures to do business abroad are in place.