Tag Archives | sanctions

Why Boeing kept Iran Dealings Under the Radar

By Saam Borhani, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Barely a week after the Jan. 16 lifting of nuclear-related sanctions on Iran, Tehran hosted its first international business summit in years. The event, sponsored by the Centre for Aviation (CAPA), brought together 400 executives […]

Pakistan Lift Banking Restrictions on Iran

By John Lee. Pakistan’s central bank has lifted restrictions on commercial banks and financial institutions to do business with Iran. In a statement, the State Bank of Pakistan (SBP) said: “In line with the federal government’s decision to implement the United Nations Security Council Resolution  regarding lifting of sanctions against Iran, the State Bank […]

European Court: Iran’s Bank Mellat ‘Unfairly Sanctioned’

By John Lee. The European Court of Justice has ruled that Iran’s Bank Mellat was unfairly sanctioned by having its assets frozen due to alleged involvement in nuclear proliferation. The European Council had claimed that Bank Mellat, which is 80 percent owned by private Iranian investors and 20 percent by the Iranian state, supported and facilitated […]

Lingering Sanctions ‘Negatively Impact Risk Appetite’

By John Lee. A report from law firm Clyde & Co suggests that the insurance industry is still feeling cautious about doing business in Iran because of lingering US sanctions. It said that 85 percent cent of respondents at London-based insurance companies said US sanctions “negatively impact their risk appetite for Iran-related business”. Chris Hill […]

How Sanctions helped Iranian Tech Industry

By Mahmoud Pargoo, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. As Iran moves to take advantage of the sanctions relief extended under the Joint Comprehensive Plan of Action, the recent drop in crude prices means that Tehran won’t be able to count on soaring […]

EU to Visit Iran to Develop Energy Ties

By John Lee. The European Commission will undertake a first “technical assessment mission” to Iran in February, according to a report from Reuters. European Climate and Energy Commissioner Miguel Arias Canete (pictured) said potential areas for cooperation included all areas of energy — nuclear, oil, gas, renewable energy and energy efficiency. He mentioned in particular the […]

A New Era for Iran

From Al Jazeera. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. After years of economic isolation, Iran is now open for business. But can Western countries trust Iran? And what does this mean for the region and the world? Presenter: Sami Zeidan Guests: Foad […]

President Welcomes Foreign Investment

By John Lee. President Rouhani has described the implementation of the Joint Comprehensive Plan of Action (JCPOA) as a special and historic day in the political and economic history of Iran and said: “After 12 years … we have reached a landmark where our nuclear program is not a tool for sanction and pressure from […]

US Imposes New Sanctions over Missile Test

By John Lee. The US has imposed fresh sanctions on 11 Iranian companies and individuals following Iran’s recent ballistic missile test. The new sanctions prevent those named from using the US banking system. Reuters cites Iranian Foreign Ministry spokesman Hossein Jaberi Ansari as saying that “the US sanctions against Iran’s ballistic missile program … have […]

UK Provides Export Finance for Iran Business

UK Export Finance (UKEF), the UK’s export credit agency, has reintroduced cover to support UK companies seeking to compete for business in Iran. Cover is now available on a case-by-case basis in Pounds Sterling and Euros. The Foreign and Commonwealth Office has also announced that UKEF will make available a £50 million facility guaranteeing payments […]

Video: Iran’s Nuclear Commitments Explained

From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. The head of the United Nations atomic watchdog Yukiya Amano arrived in Tehran Monday for talks with President Hassan Rouhani, two days after Iran’s nuclear deal with world powers went into force:

Full List of Newly Sanctioned Iranian Entities

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated the following 11 entities and individuals involved in procurement on behalf of Iran’s ballistic missile program: The following individuals have been added to OFAC’s SDN List: CHEN, Mingfu; DOB 30 Apr 1980; POB Anhui, China; citizen China; Additional Sanctions Information – […]

Oil Majors head to Tehran ahead of Sanctions Relief

By John Lee. Reuters reports that oil majors Total and Shell have sent executives to Tehran ahead of the expected the lifting of international sanctions on Saturday. According to Iran’s Mehr news agency, they will meet officials from the National Iranian Oil Company (NIOC) and National Iranian Tanker Company (NITC) on Sunday. (Source: Reuters)

Rouhani Orders More Missiles in Response to New Sanctions

By Arash Karami, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Rouhani Orders More Missiles in Response to New Sanctions Iranian President Hassan Rouhani ordered the Defense Ministry to speed up its missile production following reports that the United States will sanction a number of […]

Lifting Iran Sanctions Poses Contract Risks

The removal of sanctions against Iran brings risks for the breakbulk and project cargo sector as well as significant opportunities, according to Norwegian legal specialist Wikborg Rein. Wikborg Rein analysts predicted that issues such as compliance awareness, procedures, written instructions, contract terms, verification, audit, enforcement and remedy will all require close attention from project cargo […]

Germany’s Plastics Industry targets Iran

Ten years ago, half of the imported plastics and rubber machines sold in Iran came from Germany, reports Plastics News. Today, after years of sanctions, it’s virtually zero, but Germany’s machinery industry is very interested in returning. Plastics machines weren’t covered under the sanctions, but with Iran excluded from global financial systems it was increasingly […]

Tehran Urges New Delhi to Repay Oil Debts

Officials from Iran and India held negotiations in New Delhi on bilateral crude oil transactions during which the Iranian side demanded settlement of oil sale arrears as the Indian side was willing to purchase additional quantities following removal of anti-Iran sanctions, said an official in the National Iranian Oil Company (NIOC). “Settlement of Iran’s unpaid […]

Iran Allocates $6bn for Petchem, Refinery Projects

The Director of Investment at Iran’s National Petrochemical Company (NPC) said the National Development Fund (NDF) has allocated 6 billion dollars for petrochemical and refinery projects. “Financing of projects from the fund will be expedited after SWIFT is back,” Amir Hassan Fallah told Shana. He said Japanese, South Korean, and European firms are interested in […]

Iran ‘Starts Dismantling Nuclear Equipment’

A senior diplomat has reportedly said that Iran has disconnected almost a quarter of its uranium-enriching centrifuges in less than a month, according to a report from Reuters. The news agency quotes him as saying: “They have been dismantling centrifuges that did not contain [uranium] hexafluoride … “Dismantling centrifuges that have or have had hexafluoride […]