Iran Has Taken Invaluable Steps to Cement Ties with Iraq: Envoy Iran’s Ambassador to Iraq Iraj Masjedi highlighted the importance of bilateral relations between the two neighboring countries and said Tehran has taken major strides to strengthen ties with Baghdad. “We are trying to boost our relations with Iraq in all areas,” Masjedi said, addressing […]
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Korean SMEs “Go Bankrupt” Due to Sanctions on Iran
The chairman of Iran-South Korea Joint Chamber of Commerce said following last year’s move by the US to renew sanctions against the Islamic Republic, some Korean companies went bankrupt. Speaking to Tasnim, Hossein Tanhayee pointed to the 70 percent fall in bilateral trade between Iran and South Korea after the re-imposition of the US sanctions […]
Renault to Return to Iran: Deputy Minister
An Iranian deputy minister said French carmaker Renault SA will return to Iran after it halted cooperation with Iranian companies under the US sanctions. In comments on Thursday, Deputy Minister of Industry, Mines and Trade Farshad Moqimi said Renault has made an investment of $1 billion in Iran. “Following the negotiations and consultations that have […]
US “Pressuring” European Firms to Limit Activity in Iran
The general secretary of the German-Iranian Chamber of Commerce said US officials are pressuring European companies to limit their business activities in Iran. “There is more passion from our American friends to create problems,” Michael Tockuss told the German business news weekly Wirtschaftswoche on Saturday. Those problems, Tockuss said, stem from direct pressure being applied […]
114 Foreign Cos ready for Oil Projects in Iran
114 Foreign Companies Ready to Take Part in Iran’s Oil Projects: Official A member of the Energy Commission of the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) said 114 foreign companies have announced their readiness to cooperate with the country in its oil projects. Speaking on the sidelines of a visit to the […]
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 […]
Tags: bank transfers, dollar transactions, European Union (EU), featured, France, Germany, INSTEX, sanctions, United Kingdom
Iran, Syria Sign 11 Cooperation Deals
High-ranking officials from Iran and Syria inked 11 agreements, including memorandums of understanding (MoUs), in a bid to boost cooperation between the two countries in diverse areas. The documents were signed during a meeting between Iranian First Vice-President Eshaq Jahangiri and Syrian Prime Minister Imad Khamis in Damascus. Nine MoUs were signed by Iranian and […]
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 […]
Iraq “must not be Reliant on Iran”
By John Lee. The UK’s foreign office minister for the Middle East has reportedly said that Iraq must wean itself off economic reliance on Iran and become more energy self-sufficient. On a visit to Iraq on Sunday, Alistair Burt (pictured) told Reuters: “To expect Iran to have no influence in Iraq is fanciful … What […]
Development Fund to Get 20% of Iran’s Oil Money
Members the parliamentary select committee to study budget law signed off on a measure which determines the share of the National Development Fund of Iran (NDFI) from all oil export revenues at 20 percent in their latest open session on Sunday. According to ICANA, Mohammad Mahdi Mofatteh, spokesperson of the committee, said that during deliberation on […]
Tags: featured, National Development Fund of Iran (NDFI), National Iranian Gas Company (NIGC), National Iranian Oil Company (NIOC)
New Payment System to Dodge Iran Sanctions
By John Lee. The remaining members of the Joint Comprehensive Plan of Action (JCPOA) have said they will set up a new payment system to maintain business with Iran and bypass US sanctions. The system, the details of which are still to be determined, would allow businesses to continue trading with Iran without using dollars. The […]
Tags: bank transfers, De-Dollarization, dollar transactions, featured, Joint Comprehensive Plan of Action (JCPOA), sanctions, United States
Trump: Nuclear Deal “a Windfall for Iran’s Leaders”
By John Lee. Donald Trump has described the Iran nuclear deal as a windfall for Iran’s leaders. Addressing the 73rd Session of the United Nations General Assembly in New York on Tuesday, the US President added that since the deal was reached, Iran’s military budget has grown nearly 40 percent. “Every solution to the humanitarian […]
Tags: Donald Trump, featured, Joint Comprehensive Plan of Action (JCPOA), nuclear deal, United Nations (UN), United States
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 […]
EU adopts Support Package for Iran
The Commission has adopted a first package of €18 million for projects in support of sustainable economic and social development in the Islamic Republic of Iran, including €8 million assistance to the private sector. Today’s projects are the first of a wider package of €50 million for Iran, aiming to support the country to address […]
Closer Cooperation between Iraq and Iran
Iran Eyes Closer Cooperation with Iraq after Formation of New Gov’t Iranian Foreign Ministry Spokesman Bahram Qassemi hailed the growing relations with Iraq and said Tehran plans to boost its cooperation with Baghdad after a new government is formed in the Arab country. “Our relationship with Iraq as a neighboring country is good and there […]
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 […]
Pompeo announces Creation of Iran Action Group
US Secretary of State Mike Pompeo has announced the creation of the Iran Action Group. In a briefing Mr Pompeo said: The Iran Action Group will be responsible for directing, reviewing, and coordinating all aspects of the State Department’s Iran-related activity, and it will report directly to me. For nearly 40 years, the regime in […]
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 […]
Tags: Daimler, Detecon, Deutsche Bahn, Deutsche Telekom, featured, France, Germany, PSA Peugeot Citroen, Renault, sanctions, T-Systems, Total, United States
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 […]
Iraqi Compliance with Iran Sanctions will “Damage Iraq’s Economy”
By John Lee. A former under-secretary at Iraq’s Ministry of Finance has said that ministry has said that US sanctions on Iran will impact trade activity between Iraq and Iran and, should they persist, they will damage Iraq’s economy. Fadhil Nabi told Rudaw: “America’s sanctions on Iran will have impact on trade exchange and activity […]