Iran, Iran Sanctions | featured news

Iran is increasing the number of advanced uranium enrichment centrifuges installed at its Natanz underground plant, despite tightening international sanctions aimed at stopping Tehran's nuclear progress, diplomats said on Wednesday.

Standard Chartered expects to pay $330 million to settle a case with U.S. regulators who accused the Asia-focused bank of failing to comply with sanctions against Iran,further denting profit growth this year.

The Senate on Friday resoundingly approved new sanctions on trade with Iran's energy, port, shipping and ship-building sectors, its latest effort to ratchet up economic pressure on Tehran over its nuclear program.

Over the last six months, Iran has evaded U.S. sanctions by importing Turkish gold to pay for billions of dollars worth of energy sales to Turkey.

Even as Western sanctions ravage their economy, some Iranians are reaping a cash harvest from an unexpected source: a booming illicit drug industry that law enforcement officials say is producing record quantities of a powerful synthetic drug.

Iran said on Tuesday it would stop oil exports if pressure from Western sanctions got any tighter and it had a “Plan B” contingency strategy to survive without oil revenues.

...U.S. officials say the list sends a clear warning to Iran's suppliers that the net is closing. But Frosch's ability to continue selling sensitive equipment and evade prosecution also is a cautionary tale about gaps in the U.S.-led sanctions campaign, which has sent Iran's economy into a tailspin but has yet to persuade its leaders to curb their nuclear program.

Congress is pressing ahead with a new package of crippling sanctions on Iran, expanding on financial penalties and targeting Tehran's energy and shipping sectors in the hope that economic pressure undercuts its suspected nuclear weapons program....

Obscure private firms are offering Iranian crude oil at steep discounts to European oil traders as Tehran seeks ways to restore oil export flows hit by Western sanctions.

The United Arab Emirates opens and begins operating a key overland pipeline which bypasses the Strait of Hormuz, controlled by Iran. Iran has repeatedly threatened to close the strait at the mouth of the Gulf, a vital oil-trade route.