Vance says US must sign off on any Iran investment under sanctions relief

US Vice President JD Vance said foreign investment in Iran would require US approval and sanctions relief, arguing that any such opening would depend on Tehran changing its behavior and could give Persian Gulf Arab states new leverage over Iran.

Vance said any foreign investment in Iran would require US sanctions relief and approval, arguing that Persian Gulf Arab economic involvement could give regional states leverage over Tehran if it changes its behavior.

Vance said there was “a great desire from the Arab world and from outside the Arab world” to invest in Iran if Tehran “behaves properly,” but stressed that such projects would not be possible without Washington’s approval because of US sanctions.

Citing the example of a potential power plant project funded by the United Arab Emirates, Vance said: “If they behave, and if the Emiratis themselves want to build a power plant, then we will do the sanctions relief necessary to make that possible.”

He said allowing such investment would create economic integration that could serve as leverage over Tehran.

“It actually creates integration, which is leverage,” Vance said. “A world where the [Gulf Coast Coalition has greater leverage into the Iranian economy is a world where the Iranians are going to be heavily prevented from misbehaving.”

Vance said Persian Gulf Arab states saw Iran as weakened and believed there was an opportunity to build a new relationship with Tehran, but added that any such opening remained hypothetical because it would require “a transformation in Iranian behavior.”