EU imposes new sanctions on Syrian regime

The European Union on Monday banned the sale of luxury goods and products to Syria that can have military as well as civilian uses as the U.N. political chief demanded that the Syrian government stop using heavy weapons and comply with a cease-fire.

The EU ban on luxury items appears to take direct aim at some of Syrian President Bashar Assad's most loyal supporters: the business community and prosperous merchant classes that are key to cropping up the regime. An influential bloc, the business leaders have long traded political freedoms for economic privileges in Syria.

Read more: Jakarta Post

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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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India, China to maintain ties with Iran despite US, EU sanctions

India and China on Wednesday indicated that they will continue to maintain normal relations with Iran, while citing high crude oil prices and energy security concerns.

The Chinese Commerce Minister, Mr Chen Deming, said China respects all the United Nations resolutions. However, in a veiled reference to the US sanctions on Iran, he added that Beijing is not obliged to follow the domestic rules and regulations of any particular country.

Incidentally, China, India and South Africa are dependent on Iran for their crude oil supplies. Brazil and Russia also raised concerns over the increase in crude oil prices following the sanctions being imposed on Iran by the US and European Union.

Echoing the Chinese Commerce Minister, the Commerce, Industry and Textiles Minister of India, Mr Anand Sharma, maintained that India is also not in violation of any UN resolutions. "Energy security is important. Iran is an important source of our energy supplies," Mr Sharma said.

Read more: Business Line

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Chinese bank ‘backs off’ from Iran gas pipeline

A Pakistan federal cabinet committee on Tuesday constituted a ministerial committee for reviewing alternate options to arrange funds for construction of the Iran-Pakistan gas pipeline after a Chinese bank backed off from financing the project, understandably under the Western pressure. 

“A probable reason for not signing the agreement [by the ICBC] to date could be changing geo-political situation in the region,” said a petroleum ministry summary tabled at the ECC meeting. Earlier, the US has threatened to impose sanctions on companies that deal with Iran.

The ICBC was finalised as the financial advisor through an international competitive bidding. However, according to a petroleum ministry official, the bank had demanded awarding the pipeline construction project to a Chinese firm without competitive bidding.

Read details: Express Tribune

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