News

EU Says Preparations for Iran SPV Are at ‘Advanced Stage’

The European Commission said it’s seeking to launch “very soon” a special purpose vehicle to help European companies bypass U.S. sanctions on Iran, with three European diplomats saying the official unveiling could come as early as Monday. Progress has been slow in developing the SPV, a key element of the European Union’s effort to keep […]

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Iranian Central Banker Sees Stable Rial Despite Pressure from U.S.

Iran has adequate currency supplies to cover trade, and the rial has stabilized after “a heavy attack” from the U.S.-led economic sanctions imposed on the Islamic Republic, the head of the country’s central bank said. Iranians need to adjust their spending habits and “take seriously” sustained efforts by the U.S. to destabilize the economy, while […]

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Why The Iran Nuclear Deal Still Matters for Europe

Three years ago, Iran and global powers implemented the Joint Comprehensive Plan of Action (JCPOA), curtailing the country’s nuclear weapons program in exchange for sanctions relief. The deal continues to hang together—but only just. There are growing indications of signatory states’ fatigue and frustration in attempting to prevent the collapse of the JCPOA, following the […]

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Trump administration finds its Iran policy not working

WASHINGTON — The Donald Trump administration conducted a preliminary internal assessment of its Iran “maximum pressure” policy this month and determined that it is not working, according to a new report. Such an assessment could drive administration efforts to try to provoke Iran to leave the nuclear deal, possibly by urging a potential inspections crisis at the […]

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Opel Helps France’s PSA Buck China, Iran Auto Downturn

French auto giant Groupe PSA, which makes the Citroen and Peugeot brands, reported record vehicle sales Tuesday as the acquisition of General Motors’ Opel unit helped offset a sharp downturn in key markets China and Iran. PSA sold 3.88 million vehicles, up 6.8 percent from 2017 when it acquired the Opel business which includes British-based Vauxhall. PSA said that […]

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Trump’s Risking Financial Disaster for America

President Donald Trump’s Iran policy has been reckless as regards Iran—it all but invites Tehran to return to an unconstrained nuclear program, and it reduces U.S. credibility to bargain on other contentious issues. But it has been far more reckless on the far more consequential matter of America’s relationships with allies and partners and especially […]

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How Europe’s Forthcoming SPV Can Help Iran Fight Inflation

Europe has yet to launch its special purpose vehicle (SPV) to support trade with Iran and while Iranian stakeholders grow increasingly impatient, some have begun to question the likely impact of the new mechanism. The chief complaint is that the initial SPV, if limited to humanitarian trade, will not have a meaningful economic impact for […]

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Iranian fintech firms carve their place in fast-changing landscape

Against the backdrop of an ailing yet dominant banking system that is struggling to upgrade its operations, Iranian fintech firms are slowly but steadily fashioning a position for themselves. Local developments in the past year have made it clear that fintech firms will be a major part if not the architects of the future landscape of financial services in Iran. On […]

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Iran, India Move Closer on Trade as EU Stalls

Iran will boost trade with India as the European Union struggles to find a way to circumvent a fresh US embargo on Tehran, Iranian Foreign Minister Javad Zarif said Tuesday. Brussels is working on a payment mechanism to keep financial transactions flowing with Iran, after the US ditched the 2015 nuclear deal with Tehran earlier this year and reintroduced […]

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India’s BPCL to buy Iranian oil in Feb after 3-month gap

NEW DELHI, Jan 7 (Reuters) – State-run Bharat Petroleum Corp will import 1 million barrels of Iranian oil in February after a gap of three months, with the nation’s overall purchases from Tehran remaining at 9 million barrels, three industry sources said. The United States in early November granted India a six-month waiver from sanctions […]

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Iranian steel exports steady despite sanctions: consultant

London — Iran’s steel exports have remained about steady in the first nine months of the current Iranian year despite the US’ reimposition in August of sanctions on metals trading, according to Mohsen Parvan, CEO of Tehran-based AASIM Consulting Group. For the full year, Iran’s steel exports may equal last year’s record of over 9 million […]

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Iran Approves Anti-Money Laundering Bill

An Iranian arbitration body gave its approval on Saturday to an anti-money laundering bill seen as crucial to maintaining international trade and banking ties, the official IRNA news agency reported. “The bill on amending the law to counter money laundering was approved with certain changes and will be sent to the parliament speaker to be communicated to the government,” […]

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US sanctions and the dynamics of Iran’s petroleum sector

Between 2016 and 2018, Iran’s energy sector was the main beneficiary of the lifting of nuclear-related sanctions. Increased oil production and exports, the return of international oil companies (IOCs), massive investments in renewable energies, introduction of new technologies into upstream and downstream sectors, etc., were among key developments in the industry. The reimposition of US […]

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Iran to Double Down on Investment in Oil’s Growth Engine India

Iran will invest about 15 billion rupees to expand a refinery run by Chennai Petroleum Corp. in south India, the company’s managing director said, amid U.S. sanctions on the Persian Gulf nation that have severely hit its oil exports. The state-run company is boosting capacity at its Nagapattinam facility by nine-fold to process 9 million tons per year and […]

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