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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

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Established in 2006 as a Community of Reality

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


    US sanctions economy cripples Iranian deals

    Rocky
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    • Post n°1

    US sanctions economy cripples Iranian deals Empty US sanctions economy cripples Iranian deals

    Post by Rocky Sun 23 Dec 2018, 2:30 am

    [size=32]
    US sanctions economy cripples Iranian deals[/size]
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     2 hours ago



    (Reuters) - Cargill, Bangui and other global traders have halted food supply deals with Iran because new US sanctions have crippled banking systems to secure payments, sources in the industry and the government said.
    "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," Reuters quoted a European source familiar with the situation, who declined to be named.
    Cargill and Bangui of the Americas and Ulam of Singapore 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.
    Three Iranian officials said 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," said an official in the industry, mining and trade sector in Iran. Network of banks and financial institutions. "
    "But many companies, including Cargill and Benji, have told us at the moment that there are (banking) difficulties forcing them to stop their dealings with Iran."
    In previous rounds of sanctions, Iran has resorted to a handful of foreign banks, which have continued to serve as a conduit for payments, in order to sustain food imports and other forms of trade. But many of these channels of foreign banks were closed during this tour.
    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 a nuclear deal between Tehran and the six major powers in 2015.
    Washington says its sanctions are part of an effort to force Iran to curb its nuclear and missile programs and also to end Tehran's support for forces in Yemen, Syria, Lebanon and elsewhere in the Middle East. Iran insists its nuclear program is for peaceful purposes and that its missiles are defensive.
    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 light of past rounds of sanctions, many small banks have stopped dealing with them this time. US sanctions came into force on November 5, but Washington temporarily exempted some of its allies, who depend on Iranian oil imports.
    Iran relies on imports of basic food commodities and has years of experience in circumventing other US and Western sanctions, which have become stricter gradually between 2012 and 2015, until Iran reached agreement on its nuclear program, and many sanctions were lifted in 2016 after the agreement was concluded.
    The global financial network «Swift» announced the suspension of dealing with Iranian banks on the eighth of last November, a few hours after the entry of US sanctions into force.
    Bankers said it was easier for many foreign banks to end any Iranian activity, rather than trying to delve into US sanctions rules, risking wrongdoing and facing sanctions.
    According to a European source in the financial sector, who has previously been involved in Iranian transactions, "there is great caution now," adding that rules on food and other humanitarian transactions are complex.
    "For example, if the goods are shipped to an Iranian distributor, which sells them in turn, but not directly to a final buyer, the banks will increasingly consider that such a process is commercial, not humanitarian."
    Iranian officials said last week that the Iranian foreign minister had received European promises on the activation of the European mechanism before the end of this year, as confirmed by European officials.
    EU diplomats said the mechanism would focus on humanitarian goods, not oil, which was denied by Iranian Foreign Ministry spokesman Bahram Qasimi at a press conference a few days ago.
    Switzerland is also working on a payment channel for humanitarian purposes, but has not set a time-frame for the matter.
    "Even the deals already signed earlier this year have been affected, even by the ships," said another European exporter with business in Iran
    Which transport goods that can not unload their shipments because it is not possible to make transactions for payments, or because it takes time.
    According to data released on December 21 on the Marine Traffic Information Platform, 16 ships are waiting to unload their cargo of basic goods and goods, including food, at least two weeks ago at the ports of Bandar Abbas and Bandar Ma'shur, south of Ahwaz. Four of these vessels have been waiting since October.



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