Brussels: Western powers said on Friday that foreign banks and businesses should not hold back from conducting legal business with Iran. In a joint statement released after talks in Brussels, the United States (US), European Union (EU), France, Britain and Germany sought to reassure the companies that after the Iran nuclear deal certain forms of trade are permitted and should be carried out. The joint statement of the four powers and EU said, “We will not stand in the way of permitted business activity with Iran”. “And we will not stand in the way of international firms or financial institutions engaging with Iran, as long as they follow all applicable laws,” it added. Under the terms of the Iran nuclear deal signed in 2015 and implemented in February 2016, international sanctions aimed at Tehran’s nuclear programme have been lifted. However, US has maintained its sanctions targeting Tehran’s alleged sponsorship of armed movements in the Middle East and its ballistic missile programme. European banks, which often have subsidiaries on US soil, have also been slow to resume business with Iran, fearing prosecution in the US. But, a joint statement by the western parties to the Joint Comprehensive Plan of Action (JCPOA) — the implementation side of the Iran deal — gave business the green light. “The interest of European and other global firms in Iran is high,” it said. “And it is in our interest and the interest of the international community to ensure that the JCPOA works for all participants, including by delivering benefit to the Iranian people. This includes the reengagement of European banks and businesses in Iran,” it added. US Secretary of State John Kerry is a key architect of the Iran deal. He was also present in Brussels for a NATO ministers meeting and held talks on the Iran deal while he was there. President Barack Obama’s administration has been criticised at home for moving too quickly to allow Iran to return to the international fold after agreeing to nuclear controls. But Tehran’s leaders have complained that the deal was oversold, arguing that they upheld their end of the bargain in surrendering most of their nuclear enrichment capacity in return for sanctions relief. Meanwhile, European banks have been reluctant to renew ties with Iran fearing that despite the end of some sanctions they could still fall foul of US law. “We understand that firms may continue to have specific sanctions-related questions or concerns about doing business in Iran. And we stand ready to provide expeditious clarifications,” the statement said. It encouraged banks and other enterprises to come forward and seek advice as to how to deal legally with Iran as well. “We encourage firms to approach our governments to address remaining questions, rather than forgo opportunities due to misperceptions or lack of information,” it said.