Iran is gradually restoring banking links with the rest of the world by forging ties with smaller foreign institutions, even though large global banks are still holding back because of legal risks, Iranian officials and foreign bankers say.

Since international sanctions over Iran’s nuclear programme were lifted in January, the world’s big banks have continued to stay away because they fear being penalised by remaining US sanctions over issues such as money laundering. This has slowed Iran’s efforts to rebuild its foreign trade and lure investment.

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Restore:   /rɪˈstɔːr/ V

bring back or re-establish (a previous right, practice, or situation).

“the government restored confidence in the housing market”


Forge:   /fɔː(r)dʒ/   V

to develop a successful relationship, especially in business or politics, with another country, organization, or person

“The company wanted to forge alliances with other motor manufacturers.”

forge links:

During the 1970s, the US forged trade links with China.


Hold back:   V

to not speak or state an opinion:

“I held back during the meeting because I knew that my opinions were too controversial.”


Banker: /ˈbæŋkər/   N

someone who owns a bank or who has an important position in a bank:

“an investment/merchant banker “

“After the crash thousands of bankers were suddenly out of work.”

“ There was criticism of the level of bankers’ bonuses.”


Stay away from something

to avoid mentioning something or avoid becoming involved in something

“We stayed away from the subject of politics.”


Penalize:    /ˈpiː.nəl.aɪz/   V

to punish someone for failing to obey a rule, law, etc.:

“Several major cities are introducing measures that penalize big polluters.

penalize sb for sth

“The legislation penalized China for manipulating its currency to gain trade advantages.”


Money laundering: /ˈlɔːndə/

پول‌شویی یعنی مشروع جلوه‎دادن پول‌هایی که از راه‎های غیرقانونی و نامشروع به‎دست می‌آیند با استفاده از روش‌هایی که باعث پنهان‌شدن منشأ غیرقانونی آن پول‌ها می‌شوند.

slow:  /sləʊ/   V

to become slower or less active or to make something slower or less active:

“The market is slowing to some extent.”

slow dramatically/sharply/significantly

Consumer spending has already slowed quite sharply.”

Economic growth is expected to slow.

Their aim is to slow inflation in the housing market.

“Several unexpected problems slowed progress on the project.”


Lure:   uk   /lʊər/ us   /lʊr/   N

to persuade someone to do something or go somewhere by offering them something exciting:

“She was lured into the job by the offer of a high salary.

“He had lured his victim to a deserted house.

“Supermarket chains try to lure customers with price discounts.”