Tag Archives | sanctions

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 […]

Caviar Back on the Market as Sanctions Begin to Ease

Associated Press reports that an ambitious project on the shores of the Caspian Sea hopes to produce caviar, boosting Iran’s economy as sanctions ease. Iran sold more than 40 tons of sturgeon eggs in 2000, but xports fell to just 1 ton last year due to dwindling fish stocks and trade sanctions. “We hope that […]

Deutsche Bank Fined for Sanctions Violations

The US Federal Reserve Board on Wednesday announced a $58 million penalty and consent cease and desist order against Germany’s Deutsche Bank AG related to violations of U.S. sanctions. The Federal Reserve’s order is being issued in conjunction with an action by the New York State Department of Financial Services for violations of various New […]

Rouhani Expects Sanctions Lifted by end-2015

Iran’s President, Hassan Rouhani, has said he expects sanctions on Iran to be lifted by the end of the year. IRNA quotes Rouhani as saying, “according to our plans, the oppressive sanctions against the Islamic Republic of Iran will be lifted by the end of 2015.” Meanwhile, special envoy and coordinator for international energy affairs […]

NSC Opens Office to Oversee Iran Deal Implementation

By Laura Rozen, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The US National Security Council is joining the State Department in establishing a new office to oversee implementation of the Iran nuclear deal, to be headed by NSC Director for Nonproliferation Paul Irwin, a […]

Swiss Govt to Ease Iran Sanctions

By John Lee. According to a report from Associated Press, the Swiss government says it plans “in principle” to ease sanctions against Iran in line with the European Union and the United Nations following an international accord on Tehran’s nuclear program. The Federal Council said it has instructed the Economy Ministry to prepare changes to […]

Canadians Accused of Exporting Rail Equipment to Iran

By John Lee. Two Canadians accused of illegally selling railway equipment to Iran appeared in court in Montreal on Wednesday. Michael Allen (67) and Hugo Dreckmann (75) were ordered to return to court on 19th February, 2016. The two, directors of Romic Marc Rail, are accused of illegally exporting nearly $10 million worth of American-made railway equipment to Iran, […]

IGRC-Linked Companies may Partner with IOCs

The man responsible for Iran’s new oil contracts has said that domestic companies linked to the Islamic Revolutionary Guards Corp (IRGC) may be approved to partner international oil companies (IOCs) in joint ventures. Seyed Mehdi Hosseini, head of the Oil Contracts Restructuring Committee, said: “The point of these Revolutionary Guards is that they are engineering companies, […]

Senergy Working on Oil Deals despite Sanctions

Iran’s Research Institute of Petroleum Industry (RIPI) quotes a representative of the Britiah company LR Senergy as saying that the company has been active in Iran despite the western sanctions, and is in the process of signing new contracts. “We are in the process of signing agreements. The current sanctions regime does not stop us […]

Iran, Azerbaijan Plan Joint Bank

By John Lee. Iran and Azerbaijan are in discussions to set up a joint bank to facilitate financial transactions between the two countries. Iran’s Minister of Communications and Information Technology, Mahmoud Vaezi (pictured), told Azerbaijan’s Trend News Agency that in addition to the joint bank, the countries are also in talks to open branches of […]

Winners and Losers if Sanctions Lifted

By John Lee. An analysis by Fortune magazine lists the expected winners and losers from a lifting of sanctions on Iran. Winners EU automakers: Companies such as Germany’s Mercedes-Benz, and Peugeot and Renault of France, are identified as being well positioned to take advantage of Iran’s large market. Oil services companies: Iran says it needs […]

Shell to Pay Iran Debt, Considers Investment

By John Lee. A top executive at Shell has said that the company is to repay a $2 billion (1.3 billion pounds) debt to the National Iranian Oil Company (NIOC) when sanctions on Iran are lifted, and will consider investing in the country’s vast energy sector. The debt is a result of Iranian oil deliveries […]