Hit by sanctions

 

Black market boom as Dubai's curbs trade with Iran

Related

  • The latest sanctions on Iran will harm trade with the United Arab Emirates, an Iranian business official said on Tuesday, as UAE authorities said the embargo must not hurt legitimate commerce."The reality is that this kind of sanctions on Iran will have a negative impact on the trade in the UAE, particularly in Dubai -- there is no question about it," said Morteza Masoumzadeh, vice president of the Iranian Business Council in Dubai.Because of the sanctions, "the cost of the business has gone up, the (shipping) insurance is a problem," he said.

  • In Dubai's port area, the renewed clampdown by the US on trade with Iran is hurting many legitimate, local businesses.

  • Most banks in the United Arab Emirates, an important trading partner for Iran, have stopped money transfers there after the latest round of sanctions on the Islamic republic, bankers said on Sunday.A Dubai-based Iranian businessman said that the latest sanctions have halved trade with Dubai, an important re-export centre for Iranian goods."We stopped transfers to Iran in all currencies in July," an executive from an international bank, who spoke on condition of anonymity, told AFP.

  • Ben Thompson looks at Dubai's role on the new frontline of sanctions on Iran.

  • Russian President Dmitry Medvedev said in an interview aired Monday that while he agreed sanctions were needed to halt Iran's nuclear drive, they should not crack down on its oil trade.Medvedev, who will arrive in Washington later Monday for a two-day summit on nuclear security hosted by US President Barack Obama, warned that energy sanctions on Iran could lead to "humanitarian catastrophe," despite the popularity of such measures among US lawmakers.

  • Despite a trading history that goes back centuries, China has reluctantly backed UN sanctions against Iran in light of its nuclear programme.

  • The European Union formally adopted a package of new sanctions against Iran, targeting the country's foreign trade, banking and energy sectors.

  • The European Union is set to boost new UN sanctions against Iran, over its nuclear programme, with extra measures targetting the energy, trade and transport sectors, diplomats said Friday.The EU envisages a ban on new investment as well as the transfer of technology, equipment and services in the oil and gas sector.The UN Security Council on Wednesday agreed new sanctions against Iran, expanding an arms embargo and barring the country from sensitive activities such as uranium mining.

  • China accused the U.S. of overstepping U.N. sanctions by signing into law tougher unilateral trade restrictions against Iran's nuclear program.

  • EU foreign ministers on Monday proposed new sanctions going further than UN restrictions, in a bid to pressure Iran over its nuclear programme.The measures, which also cover the oil and gas industry, with transport and banking or insurance curbs, will now go forward to an EU summit in Brussels on Thursday for final approval.The foreign ministers, meeting in Luxembourg, said the EU would seek to prohibit new investment as well as the transfers of technologies, equipment and services.

 
S&P 500: 1104.18 0.48% |FTSE: 5494.16 1.17% |Nikk.: 9279.81 1.95% |DAX: 6221.52 0.92% |HSI: 21145.41 -0.1% |
FX: EUR/GBP: 1.2169 | USD/EUR: 1.2657 | JPY/USD: 84.185 | Commodities: Gold: 1245.85 | Crude - CLH09.NYM: 0.00 |