Companies with business in Iran are of course well advised to stick to the rules. But essentially it is just a return to the reality of before the thawing of relations. We also keep it that way: we’ve witnessed spring but haven’t changed from the winter equipment so to speak.

Swiss big banks have kept strictly from doing business in Iran. Were they right to do so?

Absolutely, they had no other choice. Their U.S. business is far too important. They would be on the radar immediately.

What was the reaction of Arjan Capital, the fund business that you manage?

We had to make adjustments in the listed investment business, because you can’t invest in a number of sectors following the new sanctions. This makes business more complicated – but we will stick with it. Others are pulling out. We are expanding in the private equity business because Iran is very active and successful in e-commerce.

Andreas Schweitzer has been commuting between Switzerland and Iran since 2009. The Iran expert and previous Sarasin banker co-founded Arjan Capital, which also invests in Iran.