"The OFAC team's briefing coincided with a visit to Brazil by an Iranian mission headed by Finance Minister Ali Tayebnia seeking to advance trade deals. Brazil's Embraer, the world's third largest maker of commercial planes, is in talks to sell Iran at least 20 of its E-195 jets worth over $1 billion as the Middle Eastern country moves to renew its aging airline fleets. Embraer still requires a U.S. license for the sale to Iran of sensitive jet engine technology in its planes... Brazilian bus maker Marcopolo SA is also looking to sell hundreds of vehicles to Iran. The company declined to comment." (Reuters, "U.S. Treasury reassures Brazil banks trade with Iran OK," 11/28/2016).
"Brazilian companies such as Embraer SA and Marcopolo SA are scrambling to close multi billion-dollar deals to sell planes and buses to Iran, seeking to navigate remaining U.S. financial sanctions, senior officials have said. The plane-maker is in advanced negotiations to sell at least 20 E195 jets with a total list price of more than $1 billion, while the bus manufacturer is in talks to supply part of the 27,000 units Tehran is seeking, according to Mahdi Rounagh, a senior official at Iran's Foreign Ministry and until recently deputy ambassador in Brasilia. The problem is that Brazilian banks are reluctant to deal with Iran for fear of penalties by the U.S., even after Washington lifted restrictions on non-U.S. banks. Their concern is that their U.S. assets and subsidiaries could classify them as U.S. banks, according to two senior bank executives in Brasilia. Business and government officials say Brazil must try harder to find alternatives, such as using smaller European banks that don't operate in the U.S." (Bloomberg, "Embraer and Marcopolo Lead Brazil Struggle to Sell to Iran," 10/5/2016).