Freshfields Bruckhaus Deringer has advised Austrian Oberbank AG on the conclusion of a financing framework agreement with banks in the Islamic Republic of Iran. This is the first agreement of this type between a European credit institution and Iranian banks since the easing of sanctions against Iran in early 2016.
According to Freshfields, "the framework agreement allows the granting of individual loans tailored to the needs of well-known Austrian companies in the export of goods and services to Iran of Austrian Kontrollbank AG. Furthermore, various projects in Iran are to be financed in areas such as infrastructure, plant construction, and health care.
The firm's advice included aspects of German and Iranian law in connection with the conclusion of the agreement.
The Freshfields team in Vienna included Partner Farid Sigari-Majd, the head of the Freshfields Iran country group, Partner Florian Klimscha and Associate Eva Schneider. German law advice was provided by Frankfurt-based Partner Michael Josenhans and Principal Associate Andreas Thummler.