However, the most important area of the economy outside oil to be revitalised once sanctions are eventually lifted will be banking. US embargoes have focused on restricting Iran’s financial sector and specifically the capacity of Iranian and international lenders to act as intermediaries for trade with the outside world. Allowing Iranian banks to conduct foreign currency transfers in addition to unlocking billions of dollars of Iranian funds trapped overseas would help the country back on to its feet. Lifting sanctions would also allow Western banks to reopen branches in Tehran closed for years.