Friday, April 20, 2012

UAE businesses suffer from sanctions against Iran

The West’s crackdown on trade and financial transactions is being most keenly felt among the Iranian traders that call the UAE home, with hundreds of legitimate companies that trade with Iran being forced to shut down and, in some cases, IRGC companies being driven further underground.

Authorities in the UAE have shut down dozens of companies illegally trading with Iran. The United States has also singled out specific Dubai-based banks, recently forcing Noor Islamic Bank to cease channelling billions of dollars from Iranian oil sales through its accounts. Despite these measures, some IRGC companies have simply found new ways to circumvent sanctions.

“Business has never been better,” said the finance manager of one Iranian company, controlled by the IRGC, with a satellite office in the Dubai World Trade Centre.
Read details: The Global and Mail


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