US exit four years ago: Iran’s economy hopes for a new nuclear deal

More security – but also more trade: Many Iranian companies are urgently waiting for a revival of the nuclear agreement. The sanctions block their access to machines and markets.

“Nearing a breakthrough” or “Nearing the end”: These are the headlines that have been read and heard for months when it comes to negotiations on the nuclear deal with Iran. Four years ago, US President Donald Trump threw it in history’s trash can and his country withdrew. Now the remaining partners are trying to get it out again. They all have one goal in common: Tehran should not be able to build nuclear weapons.

Entrepreneurs have to navigate many cliffs

Despite the back and forth, many Iranian companies hope that a nuclear deal will enable them to do business internationally again, even if they have come to terms with the isolation caused by the strict sanctions. Just like Reza Yasavoli. The 59-year-old turns the large, heavy pages of the latest book from his Tehran publishing house.

“We tried to produce this book scientifically. This paper that is used between the pages of this book is some of the hardest work that has ever been done because this paper is not readily available – both in terms of price, as also on the crowd,” says Yasavoli, not without pride. “However, we had to use it to produce this book and that increased the price of this book.”

Yasavoli is sitting in a dark suit in a small room in the traditional building in the city center on a plain yellow sofa, with an electric heater in the corner. He talks about how difficult it was to produce this high-quality book on Persian carpets. “The sanctions cover a wide spectrum. They have made it almost impossible for us to import paper. We need glossy paper to print our books. Unfortunately, this is not produced in Iran. We have to ask abroad, but we have due of restrictions problems with payment.” Because international payment transactions are not possible due to US sanctions.

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Business partners abroad stop negotiations

Yasavoli’s hands keep stroking the colorful glossy pages of the work in the gold-colored cover. Somehow they managed to get the paper – from the Far East. For a year, Iran has been negotiating with the remaining partners in the nuclear deal to revive it. Then the sanctions would fall. “That would have a psychologically positive effect on people. It would give them energy again, also for their work,” says Yasavoli with certainty.

Only: it doesn’t look like that. There has been a break in negotiations in Vienna for around two months. At the technical level, everything has been clarified, according to Tehran. Only political questions are still open, above all a central point of contention: The Iranian Revolutionary Guards should be off the US terror list.

Mohammad Ali Hashemi produced the noble book about Persian carpets in his printing works on the outskirts of Tehran. His machines are showing their age, he says he got the last new one four years ago. “In recent years we have chosen two machines, one from Germany and the other from Latvia. We wanted to import them to Iran to replace older machines.” In both cases it didn’t work. “We would have needed the machines. But the sellers suddenly withdrew for fear of sanctions and stopped negotiating with us.”

Cut off from SWIFT

From his office on the first floor, Hashemi can see the production hall through a large window. He has 60 employees. In order for business to run, he actually has to invest and modernize, explains the young man in a checked shirt and jeans. He also hopes that Iran and the USA will come back to the nuclear deal. “Business welcomes any agreement that facilitates trade and increases sales. But what also counts is that it is sustainable and effective,” says Hashemi.

Iran is not the only country cut off from the SWIFT international payment system. The West has similarly sanctioned Russia for the Ukraine war – whereupon Tehran offered advice, after all, they have years of experience. Are the two countries actually moving closer together? Printing boss Hashemi shrugs his shoulders: “I can’t judge how the recent events are affecting our economic situation or the success of the negotiations is so strongly influenced by politics.”

Iran as a possible oil supplier

But Iran could also try to fill Russia’s gap and ship oil to Europe. For this, the sanctions would have to be lifted, in other words: a breakthrough would have to come in Vienna. Publisher Yasavoli would also benefit directly from this. Because if an agreement were reached on the nuclear agreement, he could offer his products abroad again. “That’s why we published this book in two languages. I just ignored the current sanctions and the problems with selling such books. Because I just keep hoping.”

Yasavoli strokes the gold-colored cover of the book again. But then a sadness spreads over his face, which one often sees in Iran these days. “This book is practically imprisoned here, condemned to stay in Iran. It only gets out of here if someone takes it abroad.”