"Before the July 2015 nuclear deal, most banking and finance headlines about Iran concerned individuals or banks being fined or coming under investigation for allegedly violating US sanctions. These days, news of banks and financial institutions working with Iran no longer necessarily raise eyebrows. However, an Iranian minister’s recent inference that MasterCard services will become available to Iranians has caused a stir. On Aug. 13, several Iranian media outlets quoted Minister of Communication and Information Technology Mahmoud Vaezi as saying that Iran Post Company has signed a deal with a foreign firm to make MasterCard services accessible to Iranians for the first time. 'Credit and debit cards, accepted in more than 210 countries where MasterCard is valid, will be distributed at financial branches of Iran Post Company from Aug. 23, which coincides with the beginning of Government Week,' Vaezi said. The news quickly made headlines around the world — but there have been doubts about its accuracy. MasterCard itself quickly reacted by denying any activity or cooperation with Iran. 'MasterCard does not have any activities in Iran, as sanctions have remained in place for US-based companies for some time,' the company’s spokesman Seth Eisen said Aug. 15. While the reported announcement by the Iranian minister and later denial of cooperation by MasterCard resulted in wide speculation in the Iranian media, Vaezi later tried to clarify what he described as a 'misunderstanding' about his remarks... Based on statements by Iranian officials, it appears that the Malaysia-registered Vision Card Iranian Co. will roll out a debit card service. According to the company’s website, it is the official representative of TransForex — an official prepaid issuer of MasterCard — in Iran." (Al-Monitor, "How MasterCard debacle got one Iranian minister in trouble," 08/29/2016).

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"Following recent report circulated by Iranian media regarding a plan by TransForex, a MasterCard issuer, to expand its operation to the Islamic Republic, a UK-based Iranian expert has suggested that forecasted growth for the economy, promises high returns and positive growth in the market to foreign service providers of financial services." (Trend, "Forecasted economic growth lures MasterCard issuer to Iran," 02/11/2016).

Brazilian Development Bank (BNDES) is planning to open a $1.2-billion credit line to continue trade with Iran and also investment making in the country, Brazilian Ambassador to Tehran Rodrigo de Azeredo Santos announced. (9/2/2018)

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"Directors of Brazil’s Embraer S.A. have arrived in Tehran to hold negotiations with Iranian counterpart while OFAC’s permit for aircraft sales to Iran is still pending. Purchase of new aircraft by Iran has turned into a controversial debate in the aviation industry. Huge contracts with Airbus and Boeing, though not finalized yet, remain as important issues since, upon completion, they could bring about major developments in aviation industry of the region. One issue hindering conclusion of agreements between Iranian airliners and world manufacturers is the need to obtain necessary permits from Office of Foreign Assets Control (OFAC) as a financial intelligence and enforcement agency of the US Treasury Department charged with planning and execution of economic and trade sanctions in support of US national security and foreign policy objectives... Meanwhile, the Brazilian Development Bank (BNDES) has already confirmed its interest to support sustainable growth of air transportation in Iran by financing the potential deal between the two sides." (Mehr, "Aircraft manufacturers await OFAC license to enter Iranian market," 08/29/2016).

As of December 2020, Rhode Island continues to list Hyundai Engineering as an Iran scrutinized company for active involvement of at least $50 million in Iran's energy sector. The company lists the Kangan Petro Refining Complex - Phase II Project in Iran as an active project (Company website, 09/2019). 

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"Iran's Kerman Motors and South Korea's Hyundai automaker signed a memorandum of understanding (MoU) on Tuesday to jointly produce a car model in Iran, semiofficial Fars news agency reported. The MoU to manufacture a new Elantra model was signed between CEO of Kerman Motors, Saman Firouzi, and director of South Korea's Hyundai Motors for Middle East and Africa Office, Mike Song, in Iran's southern Kerman city." (March 14, 2017).

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South Korea's Hyundai Engineering Co. (HEC) signed an agreement on Sunday for financing and constructing the second phase of Kangan Petro Refining Complex -- a major petrochemical and refinery project in southern Bushehr Province. (March 13, 2017).

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An Iranian investment fund signed a deal with Korea's Hyundai Engineering Co on Sunday for a 3 billion euro ($3.2 billion) petrochemical project, which is awaiting financing by Korean banks, the oil ministry's website SHANA said. A subsidiary of the Oil Pension Fund Investment Company signed the agreement which covers the construction of the second phase of the Kangan Petro Refining Company, SHANA reported. "The financing of this project will be finalised within nine months at the rate of 95 percent ... by South Korean banks," said Asghar Arefi, the Iranian official who signed the accord, according to SHANA. Arefi said the first phase of the Kangan project was 30 percent completed with an investment of nearly 120 million euros. Despite the lifting of international sanctions against Iran in January 2016, Iranian officials have complained that remaining U.S. sanctions have frightened away trade partners and robbed Iran of the benefits it was promised under its 2015 nuclear deal with world powers.(Reuters, "Korea's Hyundai Engineering In $3.2 Billion Iran Deal Awaiting Funding,"  3/12/2017).

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"An official has announced that seven new power plants will be constructed inside the country by Russian and South Korean companies. Mohsen Tarztalab, the General Manager of Iran's Thermal Power Plant Holding (TPPH), described signing of new contracts for designing and construction of new power stations in collaboration with foreign investors during the post-JCPOA era saying 'a Memorandum of Understanding (MoU) has been recently inked with Russian contractor Technoprom energy firm for building a 1400MW power plant in the southern Iranian port city of Bandar Abbas.' ... Moreover, South Korea's Hyundai Engineering Company (HEC) and Korea Electric Power Corp (KEPCO) have signed agreements with Iran over joint construction of three other power generating plants in Zanjan, Qom and Bafgh cities. (Mehr, "Foreign firms to build power houses in Iran," 08/28/2016)

"Flight-tracking site FlightRadar24 showed, in this screen capture taken Friday morning U.S. time, that airlines including Air France, British Airways, KLM, Lufthansa, Swiss, Austrian and Alitalia were avoiding Iran by flying north of it, and Iraq by flying to / from Europe over Saudi Arabia." (The Points Guy, "Major airlines are steering clear of Iranian airspace — except these," 1/11/20)

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According to its website, “Melika Seir is the direct agent of … British Airways” (https://melikaseir.com/en/services/).

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Will terminate flights to Tehran on September 22, 2018, citing the operation as being “currently not commercially viable.” "Air France-KLM, BA Pull Out of Iran Amid U.S. Sanctions," Bloomberg, 8/24/2018.

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September 2017 - British Airways, the UK’s flagship carrier, has opened a new office in Tehran, the head of Asia Pacific and Middle East Sales at BA said. “Iranian customers can choose their flights from Tehran to 200 destinations under the network of British Airways,” IRNA also quoted Robert Williams as saying on Saturday. BA resumed direct flights to Iran in September 2016 after a nearly four-year suspension following the lifting of sanctions on the country.”

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"British Airways plans to resume flights to Tehran Thursday evening, the latest restored link between the West and Iran since the lifting of nuclear sanctions in January. A Boeing 777 wide-body jetliner is scheduled to take off from London around 9 p.m., bound for Tehran, the first flight into Iran by the airline since 2012. It suspended service then amid tightening Western sanctions over Iran’s nuclear ambitions, which curtailed demand for travel to the country. British Airways plans to operate the service six times a week. The airline said the new service had received “a huge amount of interest.” (The Wall Street Journal, "British Airways Flights to Iran Set to Resume," 09/01/2016). -- "The long-awaited resumption of British Airways flights to Iran has been delayed until September. The six-weekly direct service to Tehran from London Heathrow was due to start from July 14 but has now been pushed back due to 'some technical issues'. News of the route reopening in February was greeted with enthusiasm by British travellers, with tour operators offering trips to Iran registering a surge in interest. But now those keen to travel on the airline’s first direct flights to the country since 2012, when political tension was peaking following the severance of diplomatic relations with the West, will have to wait. A spokesperson for British Airways told Telegraph Travel that Tehran remains an importation destination for the airline." (Daily Telegraph, “BA postpones its relaunch of flights to Iran,” 6/22/2016)

"Sofrecom, an indirect wholly-owned subsidiary of Orange S.A. that is incorporated in France provides consulting services in the telecom field, including with respect to networks and marketing. In 2016, Sofrecom provided certain services to and/or engaged in transactions with ZAIEM, MCCI, TCI, NAK and MobinNet which fall or may fall within the definition of the government of Iran. Globecast, an indirectly, wholly-owned subsidiary of Orange SA that is incorporated in France, operates a global satellite and fiber network to manage and transport video and other media of its customers for delivery to direct-to-home satellite platforms:  cable, IPTV, mobile and broadband head-ends. Following the waiver of certain sanctions against the Islamic Republic of Iran Broadcasting (IRIB) in February 2014, and while IRIB remains a specially designated national (SDN), Globecast entered into two satellite broadcast agreements with the IRIB ending respectively on June 9, 2017 and July 31, 2018 (agreements subject to renewal).Telecommunication services are provided by the Enterprise operating segment (through indirect wholly owned subsidiaries of Orange SA) to certain international public organizations and multinationals in Iran solely to carry out telecommunications services that are otherwise authorized." (2017) 

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Sofrecom, an Orange subsidiary, has developed over 50 years unique know-how about operators’ businesses, making it a world leading specialist in telecommunications consultancy and engineering. ("Company Website")

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"France’s Orange SA has entered preliminary talks to buy a piece of Iran’s largest cellular operator in what would mark the first acquisition of a stake in a major Iranian firm by a Western company since nuclear sanctions were lifted in January. Orange, France’s largest telecom company, is one of several European companies that have held discussions about taking a stake in Mobile Telecommunication Co. of Iran, according to people familiar with the matter. The names of the others couldn’t immediately be learned... The Paris-based company is discussing a commercial and technical agreement as well as a share purchase, the people said. Orange, which is 23%-owned by the French government, is navigating difficult straits as Iran strains to open its markets up to the West. It needs to squeeze financing for a potential deal out of Western banks that are fearful of being hit by remaining U.S. sanctions. In addition, MCI’s parent company, Telecommunication Co. of Iran, or TCI, is owned by a group of companies that in some cases lead back to Iran’s Revolutionary Guards Corps, a paramilitary force that runs large swaths of the Iranian economy and remains under U.S. sanctions for its alleged involvement in terrorism, an accusation it denies... Orange has been planning its move into Iran for years. Its consultancy unit, Sofrecom SA, has provided technical assistance to TCI and advised its management since at least 2014, according to invoices reviewed by The Wall Street Journal." (The Wall Street Journal, "French Carrier Pursues Stake in Iranian Wireless Firm," 08/31/2016).

Baumüller Nürnberg GmbH’s (“Baumüller”) participated in the 11th and 12th Int’l Exhibition of Iran Plast (“Iran Plast ”) which took place at the Tehran International Permanent Fairground.

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Baumüller Group lists an office location in Tehran, Iran on its company website.

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Baumüller Group is listed as part of the Bavarian delegation that visited Iran in November 2015 to expand trade relations.

Weiler participated in the Bavarian delegation that travelled to Tehran, Iran in November 2015 for talks on ways to promote mutual trade in a post-sanctions era.

Messe München lists an office and contact in Tehran, Iran on its company website.

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Messe München is listed as part of the Bavarian delegation that traveled to Tehran, Iran in November 2015 for talks on ways to promote mutual trade in a post-sanctions era.