Sanctions on Iran make life difficult for EU companies
International sanctions and US commercial pressure over Iran's disputed nuclear programme are pushing up costs for European companies doing business in the Islamic state and deterring fresh investment.
But while executives and diplomats say increased political tension is likely to discourage new entrants, established Western businesses are trying to ride out the storm and keep a presence in the No 2 Opec oil producer.
"We have some problems of course," said the representative of one major company operating in Iran, a country of 70 million people. "Politics is more and more involved in business."
However, "it is still one of the few places in the world where you can make good money", he said, like others speaking on condition of anonymity due to the sensitive situation.
Since December the United Nations has imposed two sets of sanctions on Iran for its refusal to suspend nuclear activities which the West fears are aimed at making atom bombs, and US officials have warned of more such steps if Tehran remains defiant.
The UN measures so far are limited to targeting Iranian individuals and firms accused of links to the nuclear work and not trade in general, although the freezing in March of assets of Iran's state-owned Bank Sepah is having a wider impact.
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