Tag Archives | sanctions

Iraq Rebuffs US on Cutting Off Energy Purchases from Iran

The US is pressuring Iraq to stop buying energy from its neighbor Iran, in what has become a major point of conflict between Washington and Baghdad. Iraqi leaders are pushing back on the demand, which is rooted in US President Donald Trump’s sanctions against Iran, according to a report by the New York Times on […]

ATR Applies for US Permission to Deliver Iran Planes

The CEO of Iran Air said ATR aircraft manufacturer has requested permission from the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury for the delivery of the turboprops Iran has purchased. Farzaneh Sharafbafi told Tasnim on Saturday that the delivery of the remaining ATR turboprops to Iran requires a permission […]

New Mechanism to Facilitate Trade with Iran

French, German and UK Foreign Ministers today announced the creation of ‘INSTEX‘, a new mechanism for facilitating legitimate trade with Iran in order to preserve the Iran nuclear deal. Joint statement by the E3 Foreign Ministers Jean-Yves Le Drian (France), Heiko Maas (Germany), Jeremy Hunt (United Kingdom): “France, Germany and the United Kingdom, in accordance […]

Iran-Switzerland Payment Channel Ready: Official

The head of Iran-Switzerland Joint Chamber of Commerce announced that a payments channel has been developed and prepared to be inaugurated in a bid to boost bilateral trade between the two countries. In remarks released on Wednesday, Sharif Nezam Mafi said the financial mechanism has been prepared and its operational features have been announced. The […]

France Says SPV to Be Implemented in ‘Coming Days’

The French foreign minister said the special purpose vehicle (SPV), the EU mechanism aimed at facilitating trade with Iran in the US sanctions era, would be established in the “coming days”. The SPV “should be implemented in the coming days”, Jean-Yves Le Drian told the French parliament’s foreign affairs committee, Reuters reported late on Wednesday. […]

Iraq ‘Not Obliged’ to Abide by US Sanctions on Iran

Iraq’s foreign minister said that his country is “not obliged” to abide by sanctions imposed by the US against Iran and would be pursuing options to continue bilateral trade. On December 20, the US granted Baghdad a 90-day extension to a waiver on abiding by the sanctions that were re-imposed on the Islamic Republic in […]

Iraqi Dinar may replace US Dollar in Iran-Iraq Trade

Iranian ambassador to Baghdad said Iran and Iraq are weighing plans to eliminate US dollar in trade transactions and also lift visa requirements for citizens of the two countries. Speaking at a TV program on Saturday night, Iraj Masjedi said Tehran and Baghdad are considering plans to use Iraqi dinar for trade transactions or develop […]

Iraq offers to Mediate between Trump, Iran

By Laura Rozen for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iran Business News. Concerned that tensions between Iran and the United States could blow back onto Iraq, a senior Iraqi diplomat said today that Iraq would be willing to facilitate dialogue between […]

Volvo Halts Iran Truck Assembly under US Pressure

Swedish truckmaker AB Volvo has stopped assembling trucks in Iran because US sanctions are preventing it from being paid, a spokesman for the company said on Monday. Volvo spokesman Fredrik Ivarsson said the trucks group could no longer get paid for any parts it shipped and had therefore decided not to operate in Iran. “With […]

Iraq seeks Sanctions Waiver on Iran Energy Trade

Iraq is negotiating with the U.S. for exemptions from the impending snap-back of sanctions against Iran, arguing that it could not cut consumption of Iranian electricity and natural gas immediately without suffering serious economic harm and social instability. An Iraqi delegation was in Washington last week seeking a waiver for its cross-border trade, meeting with […]

US Targets Thai Company Supporting Iranian Airline

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Thailand-based My Aviation Company Limited for acting for or on behalf of Mahan Air, an Iranian airline previously designated for supporting Iran’s terrorism activities.  The action today was taken pursuant to Executive Order (E.O.) 13224, which targets terrorists and those providing support […]

Iran to Work with Italy’s Bankrupt Banks Using Euros

Italy’s banking system authorities have agreed to let a number of the country’s bankrupt banks and the second and third-class banks to work with Iran using euro instead of dollar to skirt US sanctions, an Iranian official said. In an interview with Tasnim, chairman of Iran-Italy joint chamber of commerce, Ahmad Poorfallah, said Italy has […]

US Sanctions cause Big Losses for Iraqi Investors in Iran

By Salam Zidane for Al Monitor. Any views expressed here are those of the author, and do not necessarily reflect the views of Iran Business News.  The Iranian economy has spiraled out of control since a new set of US-enforced sanctions against trade with Iran went into force Aug. 7, as its currency value has been plummeting ever since while inflation rates are […]

BA, Air France to Stop Flights to Iran

By John Lee. British Airways (BA) and Air France have both announced that they will stop flying to Iran in September, saying that the routes are “not commercially viable.” According to a BBC report, the reintroduction of US sanctions has caused a slump in the value of the Iranian rial, making it harder for Iranians […]

UK Company Pulls Out of EUR500m Solar Investment

The recently imposed US sanctions on Tehran has led to British renewable energy investor Quercus stopping to build a 500 million euro ($570 million) solar power project in Iran. The solar plant in Iran would have been the first renewable energy investment outside Europe by Quercus and the world’s sixth largest, with a 600 megawatt […]

Turkey “Not to Comply” with US Sanctions against Iran

Turkish Ambassador to Tehran Hakan Tekin deplored the US renewed sanctions against the Islamic Republic as illegal, saying his country will not comply with the move. “We will do our best to prevent Tehran-Ankara relations from being affected by the US sanctions against Iran,” Tekin who was in Ankara to attend at the 10th annual […]

German Rail, Telecom Operators End Iran Projects

German rail operator Deutsche Bahn and Deutsche Telekom are ending projects in Iran after Washington imposed new sanctions against Tehran and said firms doing business with Iran would be barred from doing business with the United States. New US sanctions against Iran took effect last week and several European companies have suspended plans to invest […]

Iran, Sanctions and Iraq: The Bigger Picture

By Ahmed Tabaqchali. Originally published by Iraq in Context; re-published by Iraq Business News with permission. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Current analysis of renewed Iran sanctions often overlooks the wider context of Iraq’s regional trading relations.  The extent of Iraq’s compliance with […]

Total Pulls Out of Iran Gas Deal: Zanganeh

Iranian Minister of Petroleum Bijan Zanganeh said France’s energy major Total had official pulled out of the development project of phase 11 of the supergiant South Pars Gas Field. According to ICANA, Iranian parliament’s official news website, Mr. Zanganeh said that the French company had announced its plans to withdrawn from the project two months […]