UN sanctions have hit Iran's economy -Britain

UNITED NATIONS, Jan 30 (Reuters) - Two rounds of U.N. sanctions against Iran for refusing to halt sensitive nuclear activities have had an economic and political impact on the Islamic Republic, Britain's U.N. ambassador said on Wednesday.

Last week Britain and the other four permanent U.N. Security Council members -- the United States, France, Russia and China -- along with Germany circulated a proposal for a third sanctions resolution against Iran calling for travel bans, asset freezes and vigilance on all banks in Iran.

Iran: Gasoline black market thrives

BANDAR ABBAS, Iran (AP) —Each day, the boulevard in this port city derisively dubbed "OPEC Street" is lined with dozens of vendors selling plastic jugs of black-market gasoline to desperate drivers who haggle over the price of a tankful.

more stories like thisIran is the world's fourth-largest producer of oil. But its government imposed gasoline rationing last year in hopes of trimming extensive government subsidies. That has created a booming black market across the country -- feeding Iranians' discontent with the economic policies of hardline President Mahmoud Ahmadinejad.

Lending dries up in Iran

By Jason Simpkins, Associate Editor
Source: Money Morning
Various industries in Iran are beginning to feel the pinch as bankers around the world have cut back lending to satisfy the U.S. government's demands.

U.S. efforts to halt Iran's uranium enrichment program stalled in the United Nations, thwarted by Russia and China. But U.S. Treasury officials Stuart Levey and Robert Kimmitt have spearheaded a campaign to curb lending to a country the United States perceives as a global threat.

Biggest Bahrain bank freezes Iran business-sources

MANAMA, Jan 16 (Reuters) - Bahrain's Ahli United Bank, the kingdom's largest lender by market value, has suspended business with Iran, two sources familiar with the matter said.

A member of the Bahrain parliament's finance and economic committee, Jasim Ali, said this week the government was putting pressure on Ahli United to freeze the Iranian operations of its Future Bank affiliate.

UAE Banks have stopped issuing letters of credit to Iranian companies

NCRI - Banks in the United Arab Emirates, the second-largest Arab economy, have stopped issuing letters of credit to Iranian companies, Bankers told Reuters.

"Because of the cloudy situation and possibility of sanctions, we are not issuing letters of credit on behalf of Iranian companies at the moment," said a Dubai-based official at the National Bank of Fujairah, who asked not to be identified.

A dozen Iranian cities suffered gas cuts amid freezing winter temperatures

TEHRAN (AFP) - A dozen Iranian cities suffered gas cuts on Monday amid freezing winter temperatures after Turkmenistan completely halted the export of gas to its southern neighbour, energy officials said.

"Turkmenistan reduced its exports to Iran by half two days ago but since Sunday afternoon, the exports have completely ceased," said a spokesman for the National Iranian Gas Company, quoted by the state broadcaster.

Iran Opposition Says Elite Militia Tightening Grip On Economy

Hossein Abedini of NCRI's Foreign Affairs CommitteeBy Selina Williams

LONDON (Dow Jones)--An Iranian opposition group alleged Thursday that new information contained in a confidential government report obtained by the opposition showed the country's elite Revolutionary Guards militia force had tightened its grip on the Iranian economy.

G-7 Ministers urge banks to weigh `risks' of dealing with Iran

By Kevin Carmichael and Rainer Buergin
Source: Bloomberg
Oct. 19 (Bloomberg) -- Group of Seven finance ministers and central bankers for the first time in at least two decades rebuked Iran, calling on banks worldwide to be wary of risks associated with doing business with the Islamic republic.

U.S. Treasury Secretary Henry Paulson, French Finance Minister Christine Lagarde and their counterparts from five other wealthy countries praised the Paris-based Financial Action Task Force, a 34-government agency that last week concluded Iran represents a ``significant vulnerability'' to the international financial system.

Capital flight: A growing phenomena in Iran

Capital flight: A growing phenomena in IranBy Reza Shafa

Around 400,000 Iranians play a major role in the United Arab Emirates economy today. Since Ahmadinejad's ascendancy to power two years ago, the figure has doubled. The Iranians have invested billions of dollars in UAE because of fear over the feature economic uncertainties in Iran.


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