E-commerce giant Amazon could be facing penalties from the US Treasury, it has emerged, after it told both the Office of Foreign Assets Control and the Department of Commerce’s Bureau of Industry and Security that it had sold a variety of consumer products to individuals and unspecified groups controlled or owned by the Iranian government.
The goods ranged from apparel to software to pet products and cost $50 to about $2,400, according to the filing, and mean that Amazon has in all probability contravened the Iran Threat Reduction Action signed by former President Barack Obama in 2012 to strengthen trade restrictions on Iran and try to persuade it to stop its nuclear activities. In January 2016, the U.S. lifted some of the economic sanctions tied to the nuclear program.
The transactions appear to have came to light during an internal review which a spokesperson described as “ongoing” and which highlights the nervousness currently sweeping corporate America about the Trump administration taking an increasingly hard line towards companies doing business with Iran.
US President Donald Trump’s decision to issue an executive order barring Iranian nationals from travelling to the US for the next three months has cast further doubt on Boeing’s $8bn deal to supply Iran Air with 80 aircraft that the two companies agreed in principle at the back end of 2016.
The travel ban (more…)
Senior executives from Iran Air and Airbus converged on Toulouse last Wednesday to witness the official handover of the first of 180 aircraft manufactured by either the French airline giant or its US competitor Boeing that are destined for Iran since the lifting of sanctions early last year, on what (more…)FT Read More»
Vitol, the world’s largest oil trader, has agreed to provide the National Iranian Oil Company (NIOC) with the euro equivalent of $1bn in exchange for a share in future oil product exports from Iran, it was being reported this week, in the first pre-finance deal to be signed between the Islamic Republic and a trading house since sanctions were lifted early last year.
The deal (more…)
Less than two months after deciding to exclude its US national CEO Bob Dudley from its attempts to capitalise on the potential of the Iranian oil industry, doubts over the policies that incoming President Donald Trump’s administration will adopt towards the Islamic Republic has prompted energy giant BP to stand back altogether, leaving the field open to its two biggest European rivals Royal Dutch Shell and Total. (more…)FT Read More»
Outgoing US President Barack Obama this week did his best to thwart his successor Donald Trump’s plans to improve relations with Moscow and to increase US oil and gas production by extending the sanctions imposed on Russia over its 2014 annexation of Crimea while almost simultaneously withdrawing (more…)
Financial regulators in Rome are examining whether Intesa Sanpaolo’s financing of Glencore‘s recent investment in Russian oil group Rosneft complies with sanctions imposed on Western companies conducting business with Russian concerns after the annexation of Crimea in 2014, it emerged yesterday.
Two weeks ago, (more…)
Russian sanctions: As widely anticipated, European Union leaders last week voted to extend economic sanctions against Russia over the ongoing conflict in Ukraine for a further six months. There were, however, signs of a rift beginning to emerge between some East European countries – led by Poland (more…)Read More»
Tillerson: German Chancellor Angela Merkel and French President Francois Hollande yesterday put their collective weight behind a six-month extension of the package of economic sanctions imposed on Russia after its annexation of Crimea nearly three years ago; but the long-term future of the strategy is looking increasingly uncertain in the light of Donald Trump’s choice of Exxon Mobil Chairman and CEO Rex Tillerson as his Secretary of State. Tillerson has long been known to have a good personal relationship with Russian President Vladimir Putin and to be sceptical about the efficacy of the sanction strategy and this week claims have also emerged in several US media outlets that he had visited the White House more than 20 times in an effort to ensure that his company was not put at a competitive disadvantage by the manner in which the sanctions were imposed. The oil chief was said to be concerned that European nations might not apply the restrictions as strictly as the US. (more…)Read More»
Iran’s President Hassan Rouhani yesterday called on outgoing US President Barack Obama not to sign a 10-year extension to Washington’s Iran Sanctions Act, amid reports that the Iranian parliament is preparing to table a motion that would give the government a mandate to resume its nuclear programme in retaliation. (more…)theiranproject Read More»
BP has formed a special task force to study the investment potential of the Iranian oil industry in the post-sanctions era – but, in an attempt to mitigate the risk of the US sticking to its ban on any American involvement in the Islamic Republic, the team is to be headed by its UK-born CFO Brian Gilvary rather than US national CEO Bob Dudley. (more…)presstv Read More»
Trade with Iran: Germany became the latest country to report a jump in exports to Iran yesterday when it released official data showing that exports to the Islamic Republic, mainly of industrial plant and equipment, grew by 15% in the first half of the year following the removal of international sanctions. (more…)theiranproject Read More»
The World Federation of Exchanges (WFE) has written to he chairman of of the Tehran Stock Exchange (TSE) approving the Iranian exchange’s membership of the 63-strong international trade association of publicly regulated stock, futures, and options exchanges, TSE chairman Hassan Qalibaf Asl confirmed this month. The move will ease Iranian capital’s entry into the global network of the stock exchanges and investors access to their data and information, he said.
TSE membership (more…)
Russian sanctions: The European Union yesterday resolved to extend the ban on its members conducting business with Russia for another 12 months until June 23. Brussels is also expected to use a meeting of EU ambassadorson Tuesday to also extend a wider ban until the end of the year.
The ban prohibits: (more…)
German Chancellor Angela Merkel this weekend put forward the idea of creating a common economic zone between the EU and Russia “from Lisbon to Vladivostok” and a gradual rapprochement between Moscow and Brussels. Speaking at the Christian Democratic Union’s Congress in Mecklenburg, she also repeated her readiness (more…)welt Read More»
Both Moscow and Brussels have confirmed that the European Commission’s President Jean-Claude Juncker will attend Russia’s St. Petersburg Forum next month where he is expected to meet President Putin. It will be the first visit to Russia by the head of an EU institution since the annexation of Crimea, and will come (more…)The Moscow Times Read More»