Tag Archives | sanctions

China to US: Ties with Iran Transparent, Lawful

China’s business ties with Iran are open, transparent and lawful, its foreign ministry said on Wednesday, after US President Donald Trump said companies doing business with Iran would be barred from the United States. China has consistently opposed unilateral sanctions and “long-armed jurisdiction”, the ministry said in a statement faxed to Reuters. The United States […]

OMV Calls for More EU Defense against Sanctions

The CEO of Austrian energy company OMV called on Europe’s politicians to do more to protect EU companies from the returning US sanctions against Tehran. “We are defending ourselves from these political threats whose only purpose is to distort the market in favor of more expensive products,” Rainer Seele told Bloomberg on Thursday. He added, […]

EU: Encouraging Trade with Iran Crucial to JCPOA

The European Union Foreign Policy Chief Federica Mogherini said the EU is encouraging enterprises to increase their business with Iran, as that country has been compliant with their nuclear-related commitments. Mogherini told reporters Tuesday during her trip to Wellington, New Zealand, that it is up to Europeans to decide whom they want to trade with. […]

Video: Trump warns Iran’s Trade Partners

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. Despite the threats from the United States, the European Union is encouraging member countries to do business with Iran. But the White House is counting on the power of its dollar to keep […]

Iran Lodges Complaint against Sanctions on Carpets

The head of Iran National Carpet Center (INCC) deplored the US sanctions on hand-woven Persian carpets as a breach of international protocols and said the Islamic Republic has filed complaints against the embargoes. “Hand-woven Persian carpet belongs to the Iranian nation and is part of the national, cultural and intellectual identity of the Iranian people,” […]

Ingenico withdraws from Iran Market

Ingenico Group a French-based company providing the technology involved in secure electronic transactions, has said that it is withdrawing from the Iranian market. In its half-year results the company said that following the US withdrawal from the JCPOA the Group has anticipated the phasing out of its distribution partnership in Iran, in line with the […]

Scottish-based Engineering Firm to Exit Iran

Scottish-based engineering company Weir Group has reported that performance in its international businesses was weaker in the first half of the year, reflecting market conditions and the exit from recently won contracts in Iran following the recent re-imposition of US sanctions. (Source: Weir)

Renault Likely to Leave Iran Because of US Sanctions

Renault SA is shaping up to be the latest European company to fall victim to US President Donald Trump’s renewed sanctions on Iran, as the automaker has raised the possibility of pulling out of Iran for fear of US sanctions. Iran operations are likely to be put on hold to comply with US sanctions, Renault […]

US Sanctions to assist China to buy more Iran Oil

The US government is expecting Iran’s oil clients to sharply cut imports from the country under the threat of sanctions but senior American officials believe China is likely to buy even more Iranian crude, the Wall Street Journal reported. China is Iran’s top crude oil buyer, which imported around 655,000 barrels a day on average […]

Japanese Banks to Stop Iranian Transactions

Japanese Banks MUFG, Mizuho to Stop Iranian Transactions Japanese banks are moving to stop handling all Iran-related transactions to meet a November deadline set by the United States, after President Donald Trump in May pulled out of a nuclear program agreement with Tehran. Japan’s biggest bank, Mitsubishi UFJ Financial Group Inc (MUFG), will halt all […]

EU Firms to get Legal Cover to Operate in Iran

EU Vows to Give its Firms Legal Cover to Operate in Iran EU countries gave European firms legal cover to operate in Iran despite the US pullout from the nuclear deal, after a report that the Trump administration has rejected calls by Brussels for an exemption from sanctions. The bloc’s foreign policy chief Federica Mogherini […]

Iran Files Complaint against US at ICJ

Iranian Foreign Minister Mohammad Javad Zarif said the country has lodged a complaint against the US government at the International Court of Justice (ICJ) over new American sanctions against the Islamic Republic. In a message in his Twitter account, Zarif said Iran has on Monday filed a complaint at the ICJ “to hold US accountable […]

US Sanctions Mahan Air Service Provider

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated Mahan Travel and Tourism Sdn Bhd, a Malaysia-based General Sales Agent (GSA), for acting for or on behalf of Mahan Air, an Iranian airline previously designated in connection with Iran’s support for international terrorism. GSAs such as Mahan Travel and Tourism […]

Trump says No Sanctions Exemption for EU Firms

US President Donald Trump warned European companies that they would face secondary sanctions if they violated US restrictions on doing business with Tehran following Washington’s move to pull out of the Iran nuclear deal. The US president said on Sunday that he would not exempt European companies from Iran-related sanctions, suggesting that EU demands for […]

Afghanistan wants Chabahar Port Exempted from Sanctions

Afghanistan Wants Iran’s Chabahar Port Exempted from US Sanctions An Afghan Foreign Ministry spokesperson called on the US administration to exempt Iran’s southeastern port city of Chabahar from a new wave of economic sanctions against the Islamic Republic. In comments on Saturday, Sebghatullah Ahmadi, head of the press department at Afghanistan’s Ministry of Foreign Affairs, […]

Renault to Remain in Iran despite US Sanctions

French carmaker Renault will maintain its presence in Iran despite the threat of renewed US sanctions, CEO Carlos Ghosn said. “We will not abandon it, even if we have to downsize very strongly,” Ghosn said at the annual shareholders’ meeting in Paris on Friday, AFP reported. “When the market reopens, the fact of having stayed […]

Most French Firms ‘Unable to Stay’ in Iran

Most French Firms ‘Unable to Stay’ in Iran due to US Sanctions: Minister French Finance Minister Bruno Le Maire said that after the US imposes new sanctions on Iran most French companies would be unable to continue business in Iran because of problems over payment, also saying that the US cannot be the “planet’s economic […]

Protecting EU companies in Iran

Following up on the informal Leaders’ Meeting in Sofia, as well as the Commission’s announcements of 18 May, the European Commission has adopted an update of the Blocking Statute and of the European Investment Bank (EIB)‘s External Lending Mandate. These measures are meant to help protecting the interests of EU companies investing in Iran and to demonstrate the EU’s […]

US Sanctions Threaten Iran’s Hopes for Tourism

By Maziar Motamedi for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Iran’s numerous tourist attractions, many of which stem from its rich history and civilization going back thousands of years, have the potential to transform into revenue streams far more sustainable than the country’s vast […]