... There also are many good reasons why parts of the Iranian population see Iran’s government as failed and repressive regime, but it is important for those outside Iran to understand that there are no reliable indicators as to how many people actually oppose the regime, why they oppose it, or how serious their opposition is. It is equally hard to know how many Iranians support the regime, what aspects of it they support, and how many simply “go along to get along.” ...

On July 14, 2015, the international economic boycott levied against Iran was scheduled to conclude. In concert with the European Union and the P5+1, the Islamic Republic agreed to a Joint Comprehensive Plan of Action (JCPOA) whereby its capacity for nuclear development would be dramatically curtailed. Among other requirements, Iran is mandated, for a period of 15 years, to cap its uranium enrichment at 3.67 percent – a level far below the weapons-grade enrichment rate of 90 percent. In exchange for these assurances, the international community has pledged to terminate the lion’s share of sanctions imposed on Iran. This entails normalizing trade relations, lifting artificial investment and financial barriers, and unfreezing $100 billion in frozen assets. Although not immediately discernable, the nexus of this agreement and climate change is distinctive. At the 2015 Paris Climate Conference (COP21), Iran was among the 150 nations that drafted and published its Intended Nationally Determined Contribution (INDC). The government outlined that it would cut greenhouse gas emissions by 4 percent under the condition that “unjust sanctions” are lifted and never again re-imposed.  This stipulation indicates not a threat from the Islamic Republic, in which it wields sanctions as a tool for political leverage, but rather the impracticality of emissions mitigation without the transfer of financial investment, physical capital, or technological know-how from developed nations. Regrettably, the persistent skepticism of some European banks to issue loans may inhibit this vital process. The central goal is thus to evaluate the extent to which the JCPOA will enable Iran to fulfill, if not surpass, its mitigation targets. Now that it has reintegrated into the landscape of international relations, Iran is tasked to balance urgent economic development pressures with the principles of environmental sustainability outlined in its INDC. It is therefore apt to highlight the implications, both constructive and destructive, that renewed international engagement holds for issues related to climate change.

HSBC has criticised the US secretary of state, John Kerry, for asking European banks to do more business with Iran while Washington continues to restrict American financial firms from doing the same. The bank’s chief legal officer, Stuart Levey, said HSBC had no intention of doing any new business with Iran after a meeting in London on Thursday in which Kerry urged a gathering of European bankers to make a push into the country. The US and European Union lifted sanctions against in Iran in January after the country dismantled 14,000 centrifuges – two-thirds of its total nuclear capacity – as part of its obligations under the international deal agreed in Vienna last July. Despite this, the banking industry remains fearful of large financial fines, - the threat of losing crucial licences to operate in the US, for falling foul of regulations.

... In closing, I want to assure this Committee that as we seek a comprehensive solution with Iran, the Treasury Department, like the rest of this Administration, is fully committed to maintaining intense financial and economic pressure on Iran. We have not, and we will not, let up one iota in our sanctions enforcement efforts, and we will continue to take action against anyone, anywhere, who violates or attempts to violate our sanctions. ...