Iran’s Central Bank’s assets in the EU have also been frozen and European shipyards cannot construct oil tankers destined for the Islamic Republic. Nikzad Rahbar said Tehran’s counter-sanctions were a direct response to these “hostile decisions”. The exact effectiveness and impact of the sanctions on Iran has been disputed, due to sketchy information coming from Tehran’s officials. The US has estimated that Iran has lost more than $40 billion in revenues as a result of oil import bans gradually imposed over the past year, mostly by Western countries. Earlier this month, Iranian oil minister Rostam Qasemi also confirmed that oil exports had fallen by 40 percent, which tallies with the US estimate. At the same time, Nikzad Rahbar insisted to Mehr that the exports hadn’t been “affected much” and that “Iran has signed new contracts with other world oil companies”. There has also been mounting speculation that Iran is circumventing the EU sanctions by setting up fronts in other countries, particularly neighboring Turkey, and exporting petrochemicals through third parties, though the scope of these transactions is unclear. Officially, Iran’s GDP contracted by 1 percent last year, while its currency lost 80 percent of its value against the dollar. Tehran insists that its nuclear program is entirely peaceful, while the US and the EU say Iran is producing ever-greater quantities of enriched uranium, which is a key component of a functioning nuclear weapon. Latest negotiations between the sides have hinged on Iran accepting a new inspection program from the UN’s nuclear watchdog, the IAEA. After continually failing to even set a date for possible negotiations, the sides are now likely to meet for talks next month.
.rt.com
27/01/13
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EU court rules against sanctions on seven Iranian companies...
ReplyDeleteBRUSSELS - A European Union court ruled on Friday that the EU should lift sanctions it imposed against seven Iranian companies, dealing a new blow to Europe's efforts to use economic pressure to rein in Tehran's disputed nuclear work.
The ruling, which can be appealed, follows similar decisions earlier this year against sanctions imposed on two of Iran's biggest banks.
It covers: Post Bank Iran, Iran Insurance Company, Good Luck Shipping, Export Development Bank of Iran, Persia International Bank, Iranian Offshore Engineering and Construction Co and Bank Refah Kargaran.
http://www.jpost.com/Breaking-News/EU-court-rules-against-sanctions-on-seven-Iranian-companies-325396
6/9/13
US expands Iran oil sanctions to target evaders...
ReplyDeleteWashington accuses Iran of using front companies ‘willing to engage in deceptive transactions’ to conceal Tehran’s involvement.
WASHINGTON — The Treasury Department will expand Iran sanctions to target a network allegedly helping the government evade measures aimed at curbing oil exports, Washington announced Friday.
The department accused Iran on Friday of using front companies, financial institutions and businessmen “willing to engage in deceptive transactions to conceal the direct involvement” of the Tehran government in global oil transactions.
The US says the new sanctions target the network of Seyed Seyyedi, an Iranian businessman and director of Sima General Trading, as well as a network of companies based in the United Arab Emirates that Seyyedi allegedly controls. They also target National Iranian Oil Company representatives in Europe.
The US previously sanctioned Sima General as part of a network of Iranian government front companies allegedly involved in a sanctions evasion scheme with a Greek businessman.
http://www.timesofisrael.com/us-expands-iran-oil-sanctions-to-target-evaders/
6/9/13