Andreas Schweitzer, you’ve only just returned from Tehran. What were the reaction in the country to the renewal of sanctions by the U.S.?

On the one hand, there was a lot of pragmatism. They know about it all from the past 40 years and will keep steady a little while longer. But I also see a lot of disappointment, because the easing of sanctions brought a lot of hope. The geopolitical situation causes a lot of concern. It is not just about Iran, but also due to the proxy war fought in Syria about the whole Middle East.

And what about the Swiss clients and investors? After 2016, Iran was considered an emerging market with huge potential.

Our consultancy business actually has seen a pickup in demand following the May 8 announcement. Some of the big corporations, as well as medium-sized companies, have concluded to stick with the Iran business instead of shuttering down again, which would make a reopening so much more difficult.

«Essentially, it is just a return to the reality of before the thawing of relations»

Business is still possible with the sanctions regime – each company is deciding according to its own appreciation. Iran remains attractive for strategic investors eager to purchase inexpensively. The market is full of risks for opportunists and speculators.

The situation seems to be getting too dangerous for Swiss banks. Banque de Commerce at de Placements recently announced it would withdraw from the business. Is that the sole option?

I assume that some companies will stick to the business. Perhaps they will use Russia or China or factoring business to circumvent the U.S. sanctions.

Which may be full of hazards. The Americans are threatening to exclude any company with business ties to Iran from dollar transactions – a threat that pushed Wegelin private bank over the brink in 2012.