An Iranian woman walks through the Palladium shopping center in northern Tehran, Iran, Saturday, July 18, 2015. (AP Photo/Vahid Salemi)
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US and European economic and financial sanctions will only be lifted once Iran complies with its nuclear obligations and that is expected to take six to nine months.Patrick Murphy, a partner at law firm Clyde & Co in Dubai, says existing restrictions on US individuals, including banks, will remain in place and prevent US banks facilitating business with Iran.However, bankers say some companies will consider financing non-Iranian clients that are doing business in Iran, such as western carmakers and oil producers.Chinese and Indian banks to establish the strongest presence of any foreign lenders in Iran, with groups such as China Development Bank and State Bank of India an early head start over any western rivals looking to move into the country.Many UAE-based banks are now quietly relishing the prospect of renewed business flows with Iran once sanctions are lifted and lawyers say several have formed special committees to meet large Iranian business groups based in Dubai that are expected to benefit from the lifting of sanctions.
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