Iran’s Push to Lift Sanctions Boosts MTN’s Plan to Withdraw Cash
- MTN has about $210 million stuck in Iran due to U.S. measures
- Africa’s largest wireless carrier moved $1 billion previously
Photographer: NurPhoto/Getty Images
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Iran’s efforts to remove U.S.-led sanctions from its economy could allow Africa’s largest mobile-phone provider to repatriate about 2.8 billion rand ($204 million) from the country, according to people familiar with the matter.
MTN Group Ltd. has been prevented from taking cash out of Iran since 2018, when former U.S. President Donald Trump withdrew from the nuclear accord signed by his predecessor, Barack Obama. The administration of Joe Biden is more in favor of the deal, and diplomats are hoping to have the landmark 2015 deal restored within the next few months.