Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Join the forum, it's quick and easy

Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

Would you like to react to this message? Create an account in a few clicks or log in to continue.
Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    International traders stop new food deals with Iran because of US sanctions An

    Rocky
    Rocky
    Rocky
    Admin Assist
    Admin Assist


    Posts : 278566
    Join date : 2012-12-21
    • Post n°1

    International traders stop new food deals with Iran because of US sanctions An Empty International traders stop new food deals with Iran because of US sanctions An

    Post by Rocky Sun 23 Dec 2018, 1:41 am

    International traders stop new food deals with Iran because of US sanctions

    International traders stop new food deals with Iran because of US sanctions An 624
    An 


    Sources in the industry and the Iranian government say Cargill, Benji and other international traders have stopped food supply deals with Iran because new US sanctions have hit banking systems to make payments paralyzed .
    Food, medicine and other humanitarian supplies are exempt from US sanctions that Washington reintroduced this year after US President Donald Trump announced his withdrawal from Tehran's nuclear deal with world powers in 2015 .
    But US sanctions targeting everything from oil sales to shipping and financial activities have distracted many foreign banks from doing business with Iran, including humanitarian deals. Despite its previous dealings with Iran in previous rounds of sanctions, many small banks have suspended their dealings with them this time .
    "There is no real chance of getting money using the mechanisms currently in place and many international traders are unable to make new deals at the moment, " said a European source familiar with the situation, who declined to be named .
    Cargill and Panji of the Americas and Singaporean companies are among the companies that have not been able to conclude new export deals for wheat, maize, raw sugar and other commodities because Western banks can not convert transaction payments with Iran, Western and Iranian trade sources said .
     
    Cargill, Benji and Allam declined to comment when contacted by Reuters .
    US sanctions took full effect on November 5, but Washington temporarily exempted some of its allies, who depend on Iranian oil imports .
     
    Iran relies heavily on imported staple food and has years of experience in circumventing US and other Western sanctions, which have become stricter gradually between 2012 and 2015 until the Islamic Republic reaches an agreement on its nuclear program. Many penalties were lifted in 2016 after the agreement was concluded .
     
    In previous rounds of sanctions, Iran has resorted to a handful of foreign banks, which have continued to serve as a conduit for payments to sustain food imports and other forms of trade .
     
    But many of these channels of foreign banks were closed during this tour. Three Iranian officials told Reuters banking issues were behind the suspension of food and other trade .
     
    "A handful of small European banks," which have little to do with the United States, are still working with Iran and deal only in small-scale deals, an industry, mining and trade official in Iran said .
     
    "We are in talks with the Europeans to expand this network of banks and financial institutions .
     
    " But many companies including Cargill and Benji told us at the moment that there are difficulties (banking) will force them to stop dealing with Iran ."
     
    In May, the Swiss Trade and Investment Bank, a bank involved in humanitarian deals, said it had suspended all new deals with Iran .
     
    Washington listed Germany-based European-European Commercial Bank (EIB) on a black list in November, closing down an institution which financial sources said had dealt with Iran on a limited scale between 2012 and 2016 .
     
    The bank did not respond to requests for comment .
     
    A number of Western banks that have been working with Iran since 2016 have returned. In June, Austrian bank Oberbank, one of the first European banks to reach a deal on new deals with Iran, said it had suspended deals with it .
     
    Other banks have followed suit, including Danish bank Dansek and Deutsche Bank AG .
     
    Belgium's KBC said in June it would limit Iran's transfers to humanitarian trade .
     
    The bank did not say whether it would continue to transfer these payments when Reuters asked it this month, but said it was "reviewing its policy at a regular pace with full respect for all relevant laws ."
     
    Dutch bank ABN Amro said it facilitated transfers related to food, health care, medical equipment and agriculture on a limited scale and with specific customers. But he also told Reuters that "recent restrictive measures on Iranian banks are a challenge ."

    • Back to top
      Current date/time is Fri 04 Oct 2024, 6:35 am