Jan 17 2008 |
more articles from
|
AUB freezes Iran transaction
Washington's pressure on GCC to isolate Tehran seems to be workingThe move comes close on the heels of the US president George Bush's recent trip to the Middle East, where he upped the ante against Iran. The reported suspension of Ahli 's banking operations was being viewed as a precursor to complete economic isolation of Iran by the United States.
A member of the Bahrain Parliament's finance and economic committee, Jasim Ali, told reporters early this week that the Kingdom was applying pressure on Ahli United to freeze its Iranian operations. Ahli officials were not available to comment.
Following the reported suspension of its Iranian operations, which was yet to be made public by officials of the bank, Ahli 's joint venture with two Iranian counterparts, Bank Saderat Iran and Bank Melli Iran , for the creation of Future Bank , a wholesale investment banking institution to channelise financial, debt and equity capital flow between the GCC nations and Iran, hangs in balance.
Banks in the UAE, the second-largest Arab economy with an estimated 400,000 Iranians of its four million population, also reportedly stopped issuing letters of credit to Iranian companies for over six months now, a standard payment guarantee in international trade.
Late last year, Indian petrochemical major, Reliance, stopped its gasoline and diesel transactions with Iran after French banks, BNP Paribas and Calyon , stopped offering letters of credit. A similar scenario prevails all over Europe's business world as well.
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment