By Mark Ford

A group of traders has lobbied the Dubai government to ease the restrictions imposed on trade finance for business with Iran.

Letters of credit (L/Cs) have become very hard to come by over recent months as a result of international sanctions imposed on Iranian banks as a means of curbing Tehran's nuclear ambitions.

L/C dearth

The traders, who are of Iranian origin, made their appeal during a meeting with Deputy Ruler of Dubai, Sheikh Maktoum Bin Mohammad Bin Rashid Al Maktoum.

They specifically complained about restrictions that have made L/Cs all but unobtainable for trades with Iran.

They say these restrictions prevent them from fulfilling contractual obligations with their partners.

Beyond UN sanctions

The traders also argued that the sanctions imposed on them go beyond those sanctioned by the UN.

According to the traders, they even face problems financing sales of UN-licensed food and commodities to Iran.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.