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European banks hesitate on Iran, wary of US fines

European banks are waiting on the sidelines until they feel it is safe to do business with IranWestern companies have been rushing into Iran for a part of post-sanctions business action but European banks, still reeling from punitive US fines over links to the country, are waiting on the sidelines until they feel it is safe to do business with Tehran. The sealing of a nuclear deal with world powers has ushered Iran in from the diplomatic deep freeze, opening the door to a raft of lucrative new partnerships. France has already hailed a new era after welcoming Iranian President Hassan Rouhani, who sealed a host of post-sanctions deals last week on a visit to Paris, the headliner the purchase of 118 Airbus aircraft.

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