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Iran Imposes Sanctions on 15 US Companies

Iran has imposed sanctions on 15 American companies for what it describes as “propping up the Zionist regime, terrorists and suppressing civilians in the region.” The Iranian Foreign Ministry said the move comes in response to Washington’s imposition of new sanctions against Tehran. The sanctioned US corporations, and the reasons given for their inclusion, are: Beni […]

Major Petchem Plant Launched in Western Iran

The western province of Kurdistan saw inauguration of a major petrochemical plant, the biggest industrial project in the province’s history, on the first working day of the new Iranian calendar year. The plant, whose production began in 2005, is built for production of 300,000 tons of light-density polyethylene in a push to complete the petrochemical […]

Bitcoin “Can Help Revitalize Iran’s Economy”

An American political analyst has said the Bitcoin payment network can help the Islamic Republic of Iran develop both its domestic and foreign economy, adding that the system could “create many jobs” across the country. “I can see the possibility over the next few years of a few hundred million or maybe a few billion […]

Iran’s Oil Exports Doubled with JCPOA Implementation

Iranian President Hassan Rouhani highlighted the outcome of the July 2015 nuclear deal with world powers, known as the Joint Comprehensive Plan of Action (JCPOA), saying that the country’s oil exports have doubled since the deal took effect in January 2016. “The exports of crude oil and condensates have increased by at least two times […]

Iranian President Leaves for Russia

Iranian President Hassan Rouhani left Tehran for Moscow on Monday to pay an official visit to the Russian Federation as part of efforts to boost bilateral relations between the two countries in all spheres. Heading a high-ranking political and economic delegation, President Rouhani departed for Moscow at the official invitation of his Russian counterpart, Vladimir […]

US: Eleven Sanctioned for Transfer of “Sensitive Items” to Iran

From US State Department: On March 21, the United States imposed sanctions on 30 foreign entities and individuals in 10 countries pursuant to the Iran, North Korea, and Syria Nonproliferation Act (INKSNA). These sanctions apply to the specific individuals and entities which will be listed in the federal register and will be in effect for […]

Chinese firms help to update Tehran Metro

By John Lee. According to Tehran Times, the Chinese military-affiliated Norinco International won a 93 million euro ($100 million) contract to manufacture 70 subway cars for the Tehran Metro. The cars will be sold to Tehran Wagon Manufacturing Co., a joint venture formed between Norinco, with a 29% stake, together with Tehran’s official subway operator, […]

ZTE Corp Pleads Guilty in Sanctions Case

By John Lee. Chinese telecom equipment maker ZTE Corp has pleaded guilty to conspiring to violate U.S. sanctions by illegally shipping U.S. goods and technology to Iran. The guilty plea was part of an agreement the company reached earlier this month with U.S. authorities that also called for nearly $900 million in fines and other […]

India Seeking New Payment Mechanism for Iran Trade

India is exploring setting up a new payments mechanism for trade with Iran, as state banks remain fearful of handling payments from Tehran in case the United States imposes a fresh financial embargo. Under previous Western sanctions, India had devised a barter-like scheme acceptable to Washington that allowed it to make some oil payments to […]