Source: Money Morning
Various industries in Iran are beginning to feel the pinch as bankers around the world have cut back lending to satisfy the U.S. government's demands.
U.S. efforts to halt Iran's uranium enrichment program stalled in the United Nations, thwarted by Russia and China. But U.S. Treasury officials Stuart Levey and Robert Kimmitt have spearheaded a campaign to curb lending to a country the United States perceives as a global threat.
A member of the Bahrain parliament's finance and economic committee, Jasim Ali, said this week the government was putting pressure on Ahli United to freeze the Iranian operations of its Future Bank affiliate.
"Because of the cloudy situation and possibility of sanctions, we are not issuing letters of credit on behalf of Iranian companies at the moment," said a Dubai-based official at the National Bank of Fujairah, who asked not to be identified.
"Turkmenistan reduced its exports to Iran by half two days ago but since Sunday afternoon, the exports have completely ceased," said a spokesman for the National Iranian Gas Company, quoted by the state broadcaster.
By Selina Williams
LONDON (Dow Jones)--An Iranian opposition group alleged Thursday that new information contained in a confidential government report obtained by the opposition showed the country's elite Revolutionary Guards militia force had tightened its grip on the Iranian economy.
Oct. 19 (Bloomberg) -- Group of Seven finance ministers and central bankers for the first time in at least two decades rebuked Iran, calling on banks worldwide to be wary of risks associated with doing business with the Islamic republic.
U.S. Treasury Secretary Henry Paulson, French Finance Minister Christine Lagarde and their counterparts from five other wealthy countries praised the Paris-based Financial Action Task Force, a 34-government agency that last week concluded Iran represents a ``significant vulnerability'' to the international financial system.
By Reza Shafa
Around 400,000 Iranians play a major role in the United Arab Emirates economy today. Since Ahmadinejad's ascendancy to power two years ago, the figure has doubled. The Iranians have invested billions of dollars in UAE because of fear over the feature economic uncertainties in Iran.