Austrian President Heinz Fischer has called on the West and the US to show serious resolve to properly lift financial sanctions imposed on Iran.

The sanctions have particularly hampered Iran's ability to participate in letter of credit (L/C) transactions because US restrictions on banks remain in place, leaving financial institutions worldwide concerned about being fined heftily for breaches of Washington's restrictions if they do business with Iran.

Unclear future

Fischer told Iranian media that it is unclear how long it will take for the West to properly lift sanctions on Iran.

Iran's historic agreement last year with permanent UN Security Council members plus Germany came into force in January but Iran is still awaiting the full opening of business transactions with companies in the West.

Play your part

The Austrian president said it was not up to a single country to lift all the sanctions, and that Washington had a part to play.

"Austria alone cannot lift the sanctions. The EU cannot do it alone too, but it is the international community that should do it," Fischer said. "The US also plays a role in this regard," he added.

The Austrian president was answering a question on issues facing Iranian banks, some of which still seek to join the international payments system, SWIFT, for the resumption of foreign transfers.

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