Get Adobe Flash player

banks from dealing with it; blacklisted 11 canada goose coats

canada goose black friday sale Dubai traders canada goose uk shop fear sanctions impact on Iran business

canada goose store DUBAI, Nov 30 (Reuters) Iran shrugged canada goose uk outlet off a fresh wave of international economic sanctions against it last week, saying they would have impact on its trade with other countries. But in Dubai, one of Iran top trading partners, businessmen are starting to worry.

restrictions imposed on the Iranian traders here are getting so canada goose factory sale hard that they are virtually going to go out of business, said Morteza Masoumzadeh, a member of the executive committee of the local Iranian Business Council and managing director of the Jumbo Canada Goose Jackets Line Shipping Agency.

Canada Goose Parka are facing a hell of difficulties. buy canada goose jacket Within a year or two, they will have to shut down. And these traders are Canada Goose sale dealing with basic commodities. There is no involvement with those banned items, or missile technology, he said.

buy canada goose jacket Over the last five years, the United States, Canada Goose Outlet the European Union and other countries have imposed an escalating series to sanctions over Iran controversial nuclear programme, which is suspected of seeking to make atomic weapons. financial system if they Canada Goose Online do business with Iranian banks.

buy canada goose jacket cheap But Iranian trade with Dubai, 150 kilometres (100 miles) across the Gulf, has thrived, with the emirate serving buy canada goose jacket cheap as a convenient conduit for other countries business with Iran. United Nations sanctions against Iran have focused on nuclear related materials and weapons and targeted Iranian companies and people canada goose clearance involved in those programmes, so the bulk of merchandise trade remains legal. Sanctions in other countries may have had the effect of pushing more trade through Dubai.

canada goose deals Around 8,000 Iranian traders and trading firms are registered in Dubai, Masoumzadeh said in his 14th floor office overlooking the sparkling waters of the Dubai Creek, where wooden dhows dock to take on cargo for transport to Iran.

canada goose clearance sale That represents a significant proportion of Iran non oil foreign trade; its total imports amounted to $92.4 billion in all of 2010 while exports, including oil, were $116.5 billion.

canada goose coats For Dubai community of traders, many of them like Masoumzadeh of Iranian descent, the business is also Canada Goose Parka key; Iran accounts for about a quarter of the UAE re export trade. But for the UAE as a whole, which is expected to see its exports, dominated by oil and gas, climb to nearly $300 billion this year, the Canada Goose Coats On Sale trade is not nearly as important.

Canada Goose sale is still a lot of consumer demand in Iran. A lot of this is still being satisfied through the traditional route of re exports via Dubai. And this is showing up on the customs statistics, said David Butter, director for cheap canada goose uk the Middle East and North Africa at the Economist Intelligence Unit in London.

Products delivered by dhows across the Gulf include household goods, rice, sugar, cooking oil, tubes, tires and timber. Bigger ships also operate, taking larger volumes, including higher end goods.

Luxury sports car maker Maserati is interested in doing business with Iran, a company official said. uk canada goose outlet are going to start in Iran now, it a very particular market. It all cash based; we have an unbelievably high number of people who are considered millionaires compared to the overall population, said Umberto Cini, managing director at Maserati Middle canada goose East and Africa in Dubai.

SANCTIONS Now, however, the cumulative weight of the international sanctions, augmented by new measures announced by several countries last uk canada goose week, may be starting to have an effect on Dubai trade with Iran. banks from dealing with it; blacklisted 11 canada goose coats entities suspected of aiding its nuclear programs; and expanded sanctions to target firms that aid its oil and petrochemical industries.

canada goose coats on sale Britain banned all its financial institutions from doing business with Iran, including the Iranian central bank, and Canada said it would ban the export of all goods used in Iran petrochemical, oil and canada goose clearance sale gas industries and canada goose virtually all transactions with Iran

Such sanctions still do not forbid flows of merchandise trade through Dubai, but they do make it increasingly difficult for traders to get financing for their business. business, or because they fear being exposed in the event of future sanctions.

cheap Canada Goose none of the UAE banks are opening a new account for any Iranian trader, Masoumzadeh said.

canada goose cannot establish letters of credit to our suppliers in Europe or the Far East. They cannot send the goods to us, and we cannot do the trade. canada goose black friday sale Therefore, our trade department has lost at least 70 percent of its business during the last two years.

Canada Goose online In June last year, the UAE central bank told canada goose store financial institutions to freeze Iran linked accounts cheap Canada Goose belonging to firms targeted by UN sanctions. UAE banks contacted by Reuters declined to comment publicly canada goose coats on sale on Iran business, but banking sources confirmed there was now very little of it.

canada goose clearance has been on the sanctions list for a long time so there should be, with the exception of one or two branches of Iranian banks on the ground, almost no business between Iranian banks and local banks here, said a treasury source at canada goose uk black friday a UAE bank, canadian goose jacket who declined to be named.

sure some might try and push the boundaries occasionally but any transactions would turn up on the regulatory radar so I Canada Goose online don see it happening that much.

Canada Goose Outlet Some trade can be paid for by cash and through personal transfers of money through foreign exchange houses. But Mohamed al Ansari, chairman and managing director of Al Ansari Exchange, a major house, said such transfers were also under pressure.

Canada Goose Jackets between the UAE and Iran have reduced due to the sanctions, he told Reuters. the sanctions are not targeted at individual transactions, they are creating difficulties.

Share and Enjoy:
  • Digg
  • Facebook
  • NewsVine
  • Reddit
  • StumbleUpon
  • Google Bookmarks
  • Yahoo! Buzz
  • Twitter
  • Technorati
  • Live
  • LinkedIn
  • MySpace

Leave a Reply

You must be logged in to post a comment.