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Sanctions on Iran: Reactions and Impact

Posted by Zand-Bon on Jul 29th, 2010 and filed under Feature Articles, Photos. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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By Stephen Szrom, David Pupkin

Source:

July 28, 2010

Port at Bandar Abbas, Iran (Photo by Ivan Mlinaric, available at flickr)

On June 9, 2010 the United Nations Security Council (UNSC) adopted Resolution 1929 imposing additional international sanctions on Iran’s nuclear program and military activities.  The Council passed the measure with 12 out of 15 votes—Turkey and Brazil voted against and Lebanon abstained—in response to Iran’s noncompliance with International Atomic Energy Agency (IAEA) nonproliferation safeguards and oversight. UNSCR 1929 expands the arms embargo on Iran by banning a wider range of conventional arms and equipment related to nuclear proliferation and missile development and by allowing states to search vessels suspected of transporting such cargo to Iran. The resolution also attempts to target Iran’s financial sector, restrict firms linked to the Islamic Revolutionary Guard Corps (IRGC), and restrain Iran’s nuclear proliferation activity.

President Obama signed into law the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA), expanding unilateral U.S. sanctions to target Iran’s energy sector, banking industry, and IRGC activity on July 1, 2010. The act, as described by Senator John McCain, poses the following question to international businesses: “Do you want to do business with Iran, or do you want to do business with the United States?” The current CIA director Leon Panetta recently noted that these new sanctions could “help weaken the regime” and “create serious economic problems,” but he cautioned that they would probably not limit Iran’s nuclear ambitions. Previous sanctions measures have had a limited effect on Iran’s nuclear policy.  The impact of these additional sanctions on Iran’s decision-making and behavior depends greatly on the extent to which foreign nations, private sector companies, and international organizations enforce the provisions of various measures.

In this tracker, CTP documents rhetorical and policy responses to sanctions from Iranian officials as well as measures taken by foreign governments and international businesses.  Updates will be posted every Tuesday and highlighted in bold.

Iranian Officials’ Statements and Related Policy Measures:
  • July 27: Iranian Foreign Ministry spokesman Ramin Mehmanparast reacted to the passage of EU sanctions, stating, “These sanctions will not help in resuming talks and will not affect Iran’s determination to defend its legitimate right to pursue a peaceful nuclear program… Iranian companies and experts are able to handle oil and gas projects in the country by themselves.” Mehmanparast added that Iran “deeply regrets and condemns” the new EU sanctions.
  • July 27: Ala’eddin Borujerdi, chairman of the Iranian parliament’s national security and foreign policy commission, reacted to EU sanctions, saying, “The European Union’s call for the continuation of nuclear talks with Tehran is in direct contradiction to its recently approved package of anti-Iran sanctions. From one side they [Western States] approve sanctions against Iran and from the other side they call for dialogue and this is unacceptable.”
  • July 25: The head of the National Iranian Oil Company (NIOC) said in an interview that Iran is “working on a plan to produce oil industry equipments [sic] within the country and avoid importing Chinese products.”  The official added that, in some cases, Iran remains dependent on Chinese equipment when it is working under deadlines.
  • July 25: Iran’s state-run Islamic Republic News Agency summarized President Ahmadinejad’s statements at an entrepreneurial conference in Iran, noting that Ahmadinejad said, “any country that joins US plots against Iran and cooperate [sic] with it will be regarded as an enemy by the Iranian nation.”
  • July 24: Hamid Borhani, deputy head of the Central Bank of Iran, told Mehr News Agency, “any country that creates limitations for Iran’s assets, we will stop trading with them.” Borhani went on to say that Iran would “take [Iran’s] resources out of” any nation which “enforces financial restrictions on Iranian funds.”
  • July 23: Iran’s first vice president, Mohammad Reza Rahimi, announced “[Iran] will issue bonds worth 11.5 billion euros to help finance oil and gas projects as well as building power plants.” Reuters cited an anonymous Iranian analyst as saying sanctions would probably keep foreign investors away from these bonds.
  • July 22: Iran’s OPEC governor, Mohammad Ali Khatibi, said, “The point is that the sanctions are not new. The shape is different. We can carry on. I can say that we are flexible if we feel that the euro is good, also the dollar, also the dirham, the yuan and the yen. We’re flexible… We can change our industry to produce more gasoline. We are constructing some refineries… People understand this limitation is because we are engaging in something like war.” Khatibi also announced government plans to gradually reduce fuel subsidies.
  • July 22: Iran’s deputy oil minister Ali Reza Zeighami said that Iran and China are discussing Chinese investment in Iran’s energy sector, including in the Esfahan and Abadan refineries.
  • July 22: Iranian First Vice President Mohammad Reza Rahimi said Iran has plans to begin using the UAE dirham in oil transactions instead of the dollar or euro.
  • July 21: Chairman of the Assembly of Experts, Ali Akbar Hashemi Rafsanjani, said, “Through an active foreign policy and by preserving domestic unity we can reduce the effects of the sanctions,” and added that “targeted sanctions” are the newest tactic of “those who had suffered blows because of our revolution.”
  • July 19: President Ahmadinejad stated that the terrorist bombings in Zahedan were “clear interpretations of the recent remarks by the US president against Iran and came in continuation of the United Nations Security Council resolutions,” according to a summary by Fars News Agency.
  • July 19: Iran asked European crude oil buyers in July to provide payment in dirhams instead of euros because forthcoming EU sanctions could impact euro transactions, according to European trading sources cited by Reuters.
  • July 18: The managing director of the National Iranian Oil Company (NIOC) claimed that Iran’s domestic producers of oil equipment have quadrupled their share of the Iranian market over the past four years compared to imports.  The official added that the Iranian government intends to support local suppliers in the energy industry as a way to neutralize sanctions, but did not elaborate on any specifics.
  • July 17: Iran’s deputy oil minister, Javad Oji, said Russia and Iran agreed to establish a joint bank for financing energy projects using Iranian and Russian currencies.
  • July 17: Iran’s oil minister Masoud Mir-Kazemi threatened to ban foreign oil companies from Iran, stating, “If a company takes a stand against Iran we will be forced to take that into consideration and put that company on a blacklist.”
  • July 17:Iran’s oil minister Masoud Mir-Kazemi signed a “roadmap” in Moscow with Russian energy minister Sergei Shmatko, outlining Iranian-Russian energy cooperation in the future, according to Mehr News Agency.
  • July 15: Iran’s oil minister said in Moscow that Iran will become one of the largest gasoline exporters in the world in two to three years.
  • July 13: Iran will likely reduce its gasoline imports from the 2009 rate of 400,000 barrels per day to 100,000 barrels per day by 2015 due to fuel subsidy cuts and Iran’s increasing domestic refining capacity, according to an estimate by the International Energy Agency.
  • July 10: Iran has reduced its crude oil prices by $3 and $7 per barrel and may have reduced crude oil production by 300,000 barrels per day over the past year, according to an Iranian economic journalist writing in Asia Times Online.
  • July 7: Iran’s estimated gasoline imports of 90,000 barrels per day for the month of July will come from Turkey and Chinese sellers, according to a Reuters report citing oil traders.
  • July 8: In response to reports of Iranian planes being denied refueling in the U.A.E., the U.K. and Germany, Heshmatollah Falahatpisheh, member of the Iranian parliament’s national security and foreign policy committee, said: “Majlis has passed a law [in this regard] and the National Security Commission approved after the resolution that Iran reserves the right to take retaliatory measures against those countries that work in the framework of the resolutions. Iran reserves the right to take retaliatory actions in cases that its planes or ships face any problem. We should definitely retaliate against the United Arab Emirates, Britain and Germany whose planes need transit fuel from Iran.”
  • July 7: Ali Akbar Salehi, head of the Atomic Energy Organization of Iran (AEOI), commented: “[Sanctions could] slow down the job but they would not stop activities. [If Iran has problems obtaining new equipment for its uranium enrichment program] we will produce them by ourselves.”
  • July 6: Masoud Daneshman, head of the Iran-U.A.E. Chamber of Commerce, responded to the U.A.E.’s freezing of IRGC-linked bank accounts, saying: “Khatam al-Anbiya and their subsidiaries, and companies that they thought were involved in Iran’s atomic work, are on the list [of 41 individuals and entities subject to the Emirates’ action]. I didn’t see a private company on the list… We don’t like the behavior of the Emiratis. They’re implementing things that are not required by the United Nations Security Council sanctions and Iranian businessmen don’t like it.”
  • July 6: In reaction to the possibility of international sanctions cutting off refined petrol imports to Iran, Masoud Mir-Kazemi, Iran’s oil minister, said: “Over the past months, some emergency petrochemical projects were carried out by which 14.5m litres of petrol with 95-100 per cent octane were produced. We can stop production of petrochemicals at any moment we decide and produce petrol [instead]… In future, we’ll be surely an exporter of petrol?.?.?.?and hope to reach self-sufficiency so that people like Mr Obama do not use this lever against us.”
  • July 5: Mehdi Aliyari, Secretary of the Iranian Airlines Union: “Since last week, after the passing of the unilateral law by America and the sanctions against Iran, airports in England, Germany, the UAE have refused to give fuel to Iranian planes.”
  • July 1: Iran’s Foreign Minister Manouchehr Mottaki said: “While the Tehran declaration had created a positive and constructive atmosphere for mutual trust, the irrational action of the UNSC indicates the lack of real interest for negotiations from the other parties.”
  • July 1: Parliament speaker Ali Larijani said in a press conference: “It seems the US seeks an ulterior motive other than the nuclear issue by imposing more sanctions against Iran.”
  • July 1: A Press TV report citing Behrouz Alishiri, Iran’s deputy finance minister, claimed that the volume of transactions in Iran’s investment market increased by 10 percent since the passage of UNSC sanctions on June 9.
  • June 30: Ahmad Vahidi, Iran’s Defense Minister, said during an interview with al Alam Television: “The issue of inspecting Iranian vessels lacks international support, save for one or two countries. The countries that are interested in regional and international security will not give in to such hostile demands, which in turn will lead to tension. We think that our vessels will not face inspection. However, if it happens, Iran has identified options to defend its interests in a way appropriate to emerging circumstances.”
  • June 30: Citing Hamid Hosseini, a member of Iran’s Chamber of Commerce, Iranian Student News Agency said that the Iranian bank accounts frozen by United Arab Emirates (U.A.E.) authorities did not belong to key traders and only belonged to those organizations with branches in the U.A.E.
  • June 30: Iran’s Foreign Minister Mottaki reportedly sent letters to all 15 UNSC member nations, protesting the adoption of sanctions against Iran.
  • June 30: Mottaki sent a letter to Japan, saying: “The international community expects the non-permanent UN Security Council member states as representatives of non-nuclear states not to give in to the pressures imposed by a few nuclear-states.”
  • June 28: Iran’s President Mahmoud Ahmadinejad said: “You issued a resolution to have the so-called upper hand. We call it immorality. Since you acted immorally, first we will postpone the [P5+1] talks. We will hold talks at the end of Mordad [toward the end of August], in the second half of the religious month of Ramadan [beginning August 12] onward. This is a punishment for them so that they will learn the protocol of talking to other nations.”
  • June 28: In reaction to sanctions, Ahmadinejad asked: “Is it possible for you to impose sanctions on Iran, which has the world’s second largest reserves of oil and gas and is able to increase its petrol production to 20 to 30 million liters per week?”
  • June 28: Ahmadinejad stated “Iran’s huge energy is about to be released, meaning that even sanctions will have no effect.”
  • June 27: Iranian banking law changed to allow foreign individuals or firms a greater stake of control in Iranian banks in an attempt to attract more foreign investment. Iran’s parliament passed the amendment in May and President Ahmadinejad signed it in late June.
  • June 26: When asked about the prospect of inspection of Iranian-bound cargo ships, Mohammad Hossein Dajmar, Managing Director of Islamic Republic of Iran Shipping Lines (IRISL) replied: “…international laws entitle all countries to guard their territorial waters… Iranian ships traffic is normal, although some reports say that Iranian ships are to be inspected, but the European Union (EU) has not put its decision into effect.”
  • June 24: Iran’s Supreme Leader Ayatollah Ali Khamene’i stated: “This [UN sanctions resolution] is an example of hostilities. [Western governments, specifically America] do different things, make different arrangements, create commotions, use their propaganda machine, issue resolutions at the UN and approve sanctions. They then try to exaggerate the sanctions. They also keep military threats as a back-up, just in case.”
  • June 23: Fars News Agency paraphrased remarks by Ayatollah Khamene’i on the U.N. and U.S. sanctions: “[he] underscored that enemies’ hasty moves for approving another resolution against Iran and their efforts to magnify and exaggerate the effects and importance of sanctions accompanied by their weak military threats all indicate the passiveness of the arrogant powers in their confrontation against the giant and solid movement of the world of Islam.”
  • June 23: Hojjatoleslam Kazzem Sediqi said during a sermon at Tehran’s Friday prayers: “The nation, that relies on God Almighty and has a revolution whose aim is to revive religious ideology, will not only resist such sanctions but will also get more united and resistant.”
  • June 22: Ali Larijani, speaker of Iran’s parliament, said: “We warn the US and certain adventurist countries that if they are tempted to inspect Iranian air and ship cargos, we will take tough action against their ships in the Persian Gulf and the Sea of Oman.”
  • June 21: Reza Almasi, Managing Director of Iran’s Gas Transfer Company, said: “I declare very confidently that sanctions do not have any impact on our nation’s and oil industry personnel’s will of iron. Sanctions strengthen our resolve to move faster towards independence.”
  • June 21: Iran’s Defense Minister Ahmad Vahidi stated: “After years of continued sanctions… Iran is self-sufficient in making and mass-producing artillery, tanks, helicopters and warships. In the recent resolution, arrogant powers banned weapons sales to Iran, but we do not need their weapons and we can even export such weapons.”
  • June 18: Ayatollah Ahmad Jannati, chairman of Iran’s Guardian Council, said: “Iranian people are prepared for sanctions. Negotiation under your stick will be meaningless for us and we will ourselves set conditions for the talks.”
International Reactions and Measures Responding to Iran Sanctions:
  • July 26: The 27 members of the European Union (EU) passed a sanctions package targeting Iran’s trade, energy, banking, and transportation industries.  Additionally, the sanctions broaden an annex of entities and individuals whose assets are banned.  In its statement, the EU called on Iran “to seize this opportunity to allay the concerns of the international community about its nuclear programme and agree on a concrete date for talks with the EU High Representative, together with the six countries.”
  • July 26: China cut its imports of crude oil from Iran by 31 percent in the first half of 2010 compared to the same period in 2009, according to Chinese customs data cited by Platts.
  • July 26: Reuters reports that only 3 cargos of gasoline have reached Iran in July.  Turkish refiner Tupras and China’s Sinopec supplied these cargos.  Dubai-based traders cited by the report estimated that Iran typically needs 11-13 cargos of gasoline per month to cover demand during the summer holiday driving season.
  • July 23: Turkey and Iran sign a one billion euro pipeline deal.  This 660 kilometer pipeline will ship Iranian gas to Turkish markets through Turkish pipelines. The contract was signed by Turkish firm Som Petrol.
  • July 23: China’s Zhenrong oil company, a state run energy enterprise, launched its first shipment of gasoline to Iran in over two years.  This cargo is estimated to make up over 250,000 barrels of gasoline to the Islamic Republic.
  • July 23: China and Iran are currently in talks to use the yuan currency for Iranian oil purchases.  This report follows proposed Iranian plans to use the UAE dirham instead of the traditional euro or dollar for oil trading.
  • July 23: According to the Washington Post, activity at the South Pars gas field has significantly slowed as sanctions have driven foreign companies away and the IRGC construction firm Khatam al Anbia has withdrawn from the project. There are now 20,000 workers at the South Pars site compared to 100,000 workers when development was at its peak. The report cites industry sources as saying that a lack of foreign lending is key reason for the delayed work at the field and Khatam al Anbia’s withdrawal from the project. China’s Sinopec and Malaysia’s SKS Ventures have taken over certain aspects of the project in the wake of multiple companies’ withdrawals. After its completion, South Pars is estimated to be worth $130 billion in natural gas sales per year.
  • July 22: Reuters reported on truckers passing through the Haj Umran border crossing in Iraqi Kurdistan on their way to deliver refined oil products to Iranian ports or fuel depots.
  • July 21: The owner of a Liberian tanker ship refused to allow it to go to Iran bearing a load of gasoline.  This may be due to international pressure as well as the difficulties in getting cargos to Iran insured given Lloyds cessation of insurance to ships traveling to the Islamic Republic.
  • July 21: The Reserve Bank of Australia has imposed sanctions on the commander of IRGC construction firm Khatam al Anbia, as well as Bank Mellat, the Islamic Republic of Iran Shipping Line (IRISL) and a company owned by the IRGC.
  • July 21: Insurance company representatives tell The Washington Post that dozens of Iranian vessels that typically transport oil, industrial equipment, and other goods have been denied insurance coverage for weeks.  A representative of a Dutch maritime insurer said his firm had been approached by Iran’s main shipping line, IRISL, which sought “protection and indemnity” insurance; the firm, citing its business interests in the U.S., refused to cover IRISL.
  • July 20: Russian military official Alexander Fomin said that Russia would not sell “large missile systems” to Iran in adhering to recent UNSC resolutions on Iran, according to Russian news agency Interfax.
  • July 20: The U.S. Securities and Exchange Commission (SEC) is currently writing new rules that shield companies and investors in the United States from being sued for withdrawing business from Iran or divesting from companies that do business in Iran.
  • July 20: Japanese ambassador to the Islamic Republic Akio Shirota proposed that Iran and Japan build earthquake-resistant nuclear power plants in Iran, according to China’s state news agency.
  • July 19: In response to stated Iranian plans to begin using the UAE dirham for oil transactions, an unnamed source from a European company indicated that his firm was studying the potential impact of switching to the dirham while recognizing the difficulty and additional costs of such a switch.
  • July 19: Egypt and Iran will open up a branch of a joint bank in Tehran in the near future, according to the head of the Iran Foreign Investment Company (IFIC).  The joint bank, Misr Iran Development Bank (MIDB), finances development projects in Iran and Egypt.
  • July 19: India’s Petroleum Minister S. Sundareshan said that New Delhi is asking India’s state-controlled firms exploring energy opportunities in Iran “to obtain appropriate legal advice” in light of recent sanctions measures, according to The Wall Street Journal.
  • July 18: German-based European-Iranian Trade Bank AG has facilitated over a billion dollars of business for Iranian companies linked to Iran’s conventional military and ballistic missile procurement programs, according to a report citing Western officials. The companies include those operating on behalf of Iran’s IRGC, Defense Industries Organization (DIO), and Aerospace Industries Organization (AIO).  German finance ministry officials say they are looking into the allegations.
  • July 18: Belarus’s ambassador to Iran has expressed its interest in purchasing Iranian oil according to a report in Iran’s state media.  The report adds that Belarus will commence oil production at the Jofeir oil field near the Iran-Iraq border in October.
  • July 16: Khatam al-Anbia announced that it pulled out of two phases of the South Pars gas project due to sanctions. These phases were recently granted to the firm after Shell, Repsol, and Turkish energy firm TPAO left Iran due to sanctions.
  • July 14: Russian energy minister Sergei Shmatko said that Russian firms will supply Iran with oil products despite U.S. sanctions, according to Russia’s state news agency. “Sanctions will not hinder us in our joint cooperation,” Reuters quoted Shmatko as saying following the signing of a long-term energy cooperation “road map” between Iran and Russia.
  • July 10: The director of Dubai-based freight forwarder CP World, Abhijit Pradhan, said in an interview with Bloomberg that his firm’s business with Iran has fallen by 20 percent in the last two months. Pradhan asserted, “if [the UAE’s crackdown on trade with Iran] gets really vigorous, then surely there will be a very big impact on exports and imports.”
  • July 9: Lloyd’s of London, the world’s largest insurer covering gasoline shipments, announced its intent to comply with applicable U.S. sanctions, thereby ceasing to insure or reinsure petroleum shipments going to Iran.
  • July 8: Royal Dutch Shell announced that it has decided not to renew its expired fuel supply contracts with Iran Air due to U.S. pressure, according to an industry source.
  • July 7: A U.S. federal grand jury charged an Irish trading company with purchasing F-5 spare parts, helicopter engines, and other embargoed aviation gear from U.S. firms and illegally exporting them to Iran.
  • July 6: The European Union tightened flight restrictions on Iran by banning the country’s fleet of Airbus A320, Boeing 727, and Boeing 747 planes from flying over European airspace, citing Iran’s failure to implement safety measures agreed upon in March 2010.
  • July 6: Mahmoud Yadegari, an Iranian-born Canadian citizen living in Canada since 1988, was found guilty of attempting to send two pressure transducers to Iran in violation of Canadian sanctions. The transducers cost $1,100 each and, among many other uses, can aid in the enrichment of uranium by converting pressure measurements into electronic signals.
  • July 5: The governments of Germany, France, and Belgium will host U.S. Treasury Under Secretary for Terrorism and Financial Intelligence Stuart Levey for meetings on the impact of new U.N. and U.S. sanctions on Iran.  The governments of Pakistan, Malaysia, and Japan will host Assistant Secretary for Terrorist Financing David Cohen for similar meetings.
  • July 5: British Petroleum (BP) ceased its refueling contracts with Iranian aircraft at the Dubai airport and possibly other locations on July 5, though BP sources refuse to comment on individual contracts. According to unnamed U.A.E. sources and a spokeswoman for Abu Dhabi Airports Co., the U.A.E. has no ban on Iranian aircraft landing or refueling. Two Iranian planes departed Germany’s Hamburg airport without refueling in the first week of July, according to the airport’s spokeswoman. According to Iranian airline union officials, Iran Air and Mahan Airlines planes are being refused fuel at airports in the UAE, Germany, and the U.K. British Midlands International and Emirates airlines continue to serve Tehran from London with no reported issues.  Sources at London Heathrow Airport and other civil authorities have denied any refusal on their part to refuel Iranian aircraft.
  • July 2: California Insurance Commissioner Steve Poizner announced that his state’s insurers divested more than $400 million from companies doing business with Iran between January and March 2010.
  • July 2: Turkey’s energy minister Taner Yildiz said that Turkey will continue its energy cooperation with Iran because the UNSC sanctions did not include restrictions in that field.
  • July 2: The head of French energy firm Total, Christophe de Margerie, described a gasoline embargo on Iran as “a mistake…that affects the population.”  Margerie also confirmed that his firm had ceased new gasoline deliveries to Iran.
  • July 1: South Korea’s GS Engineering and Construction canceled a gas-sweetening contract worth $1.2 billion in Iran with the Pars Oil and Gas Company due to sanctions. Gas-sweetening is a process in the refining of natural gas.
  • July 1: Japan’s Inpex Corporation, a producer of oil and gas, stated that it did not plan to withdraw from its 10 percent stake in the Azadegan oil field in southwestern Iran. Inpex’s president cited the company’s legal responsibilities to recover shareholders’ investments, but noted that it was still examining the impact of new U.S. sanctions.  The 10 percent stake in Azadegan is Inpex’s only involvement in Iran, according to the company.
  • July 1: Several Japanese firms operating in Iran, including oil-and-gas producer Inpex Corporation and Japan’s three largest banks, are in potential violation of U.S. sanctions, according to a Wall Street Journal report citing a previously released U.S. Government Accountability Office study on multinational firms doing business in Iran while simultaneously executing contracts with the U.S. government.
  • June 30: U.A.E. authorities announced that they had intercepted cargo shipments carrying dual-use equipment that could be used to manufacture nuclear-related weapons technology, including titanium used to produce long-range missiles, according to the U.A.E.’s ambassador to the IAEA. According to the ambassador, the U.A.E. also shut down “dozens of international and local companies involved in money laundering and proliferation of dual-use and dangerous materials.”
  • June 28: The U.A.E. froze the bank accounts and remittances of the 40 entities and the individual cited in UNSCR 1929. This includes IRGC construction and engineering firm, Khatam al-Anbia.
  • June 17: The European Union imposed a ban on investments and technology transfers to many aspects of Iran’s oil and gas industry in the wake of the UNSC sanctions. The EU sanctions further ban Iranian shipping and air cargo companies from operating in EU territory and implement travel bans and asset freezes targeted at the IRGC. Russia’s deputy foreign minister reiterated his opposition to U.S. and European sanctions against Iran.

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See also “Turk firm Som Petrol says signed Iran pipeline deal”, Reuters, July 23, 2010, . “China’s Zhenrong resumes gasoline sales to Iran”, Reuters, July 23, 2010, . “China, Iran in Talks to Use Yuan for Oil Contract Settlement”, Bloomberg, July 23, 2010, . Thomas Erdbrink, “Sanctions slow development of huge natural gas field in Iran”, The Washington Post, July 23, 2010, . Ahmed Rasheed, Shamal Aqrawi, “Despite pledges, Iraqi Kurd oil still flows to Iran”, Reuters, July 22, 2010, . “Owner refuses to let gasoline ship sail to Iran”, Reuters, July 21, 2010, . “RBA adds names to Iranian sanctions list”, Sydney Morning Herald, July 21, 2010, . Thomas Erdbrink, Colum Lynch, “New sanctions crimp Iran’s shipping business as insurers withhold coverage”, Washington Post, July 21, 2010, . “Russian official rules out delivering to Iran missiles that fall under UN sanctions”, Reuters, July 20, 2010, . Fawn Johnson, “SEC Writing Disclosure Rules in Wake of Iran Sanctions Law”, Automated Trader, July 20, 2010, . “Iran, Japan To Jointly Build Quake-Resistant Nuclear Plants”, Bernama, July 20, 2010, . Alex Lawler, “Iran oil buyers in Europe lukewarm on dirham switch”, Reuters, July 19, 2010, . “Iran, Egypt to open joint bank in Tehran”, Tehran Times, July 19, 2010, . Amol Sharma, “U.S. Sanctions Cloud India-Iran Projects,” The Wall Street Journal, July 19, 2010, .  Peter Fritsch and David Crawford, “Small Bank in Germany Tied to Iran Nuclear Effort,” The Wall Street Journal, July 18, . “Germany to Study Allegations Against Hamburg-Based Iranian Bank, Bloomberg, July 19, 2010, . “Belarus interested to buy Iranian oil”, Tehran Times, July 18, 2010, . Benoit Faucon, Farnaz Fassihi, “Sanctions Force a Retreat in Iran”, Wall Street Journal, July 17, . “Iran hopes to become largest gasoline exporter in 2-3 years,” RIA Novosti, July 15, 2010, . “Moscow Seeks to Sooth Iran With Energy Pact,” Reuters, July 15, 2010, . “Dubai Curbs Iranian Trade Under New Sanctions Regime,” Bloomberg, July 14, 2010, . “Lloyd’s of London backs US sanctions on Iran,” The Telegraph, 9 July 2010, . “Shell to end jet fuel supplies to Iranian air-source,” Reuters, July 8, 2010, . “Grand jury adds charges vs. Irish company for Iran trade,” Business Week, 7 July 2010, . “EU tightens flight restrictions on Iranian airline,” AFP, 6 July 2010, . “Toronto man found guilty of trying to send nuclear devices to Iran,” The Globe and Mail, 6 July 2010, . Jay Solomon, David Crawford, and Mari Iwata, “U.S. Adds Its Own Sanctions on Iran,” The Wall Street Journal, July 2, 2010, . Parisa Hafezi, “BP reported to halt fueling of Iranian planes,” Reuters, 5 July 2010, ; “BP stops refuelling Iranian passenger planes,” The Telegraph, 5 July 2010,  ; “Reports of planes denied refuelling are ‘false’: Iran,” AFP, 5 July 2010, ; “Iran planes did not refuel in Germany – airport,” Reuters, 9 July 2010, . “Insurers Divest Nearly $400 million in Iran-Related Assets,” Insurance Journal, 2 July 2010, . “Turkey Stresses Energy Cooperation with Iran Despite Sanctions,” Fars News, 2 July 2010, . “AFP: Total CEO calls Iran oil embargo ‘an error,’” AFP, 3 July 2010, . “S.Korea GS E&C says scraps $1.2 bln Iran gas deal,” Reuters, 1 July 2010, . “US Adds Its Own Sanctions on Iran,” The Wall Street Journal, 2 July 2010, . Mari Iwata, Kosaku Narioka and Atsuko Fukase  “New US Law May Hurt Japanese Firms,” Wall Street Journal, July 1, 2010, . Richard Spencer, “Iran’s nuclear smugglers raided,” The Daily Telegraph, 30 June 2010, . Ali Sheikholeslami, “Iranian Guards’ Companies Managers Targeted by UAE’s Sanctions,” Business Week, 6 July 2010, ;       “UAE freezes 41 Iran-linked bank accounts,” Zawya, 28 June 2010, . “EU leaders approve fresh sanctions against Iran,” BBC, 17 June 2010, .

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