Tag Archives | sanctions

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 […]

Nestle to Remain in Iran despite US Sanctions

Nestle (NESN.S) sees no direct fallout from renewed US sanctions on Iran, the world’s biggest food company has said. “We continue to closely follow political developments regarding sanctions against Iran. There are no direct implications for our business at this stage,” it said in response to a query, Reuters reported. Nestle Iran has its headquarters […]

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 […]