Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised Austria-based Oberbank AG on a financing framework agreement with banks in the Islamic Republic of Iran. It is the first agreement of its kind between a European credit institution and Iranian banks since the easing of sanctions at the beginning of 2016.
 
The agreement allows for individually tailored loans, guaranteed by Oesterreichische Kontrollbank AG, to be granted to significant Austrian companies when exporting goods and services to Iran. In addition, the agreement allows for support of various projects in Iran, in areas such as infrastructure, industrial plant construction and health care.
 
The Freshfields team, whose advice covered numerous areas of German and Iranian law relating to the deal, was led from Vienna by corporate partner and Head of the Iran Country Group Farid Sigari-Majd, finance partner Florian Klimscha and finance associate Eva Schneider. Advice regarding German law was provided by finance partner Michael Josenhans and finance associate Andreas Thümmler.