Middle East, 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.

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.

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.

Iran's Oil Minister says his office has drawn up plans to make newly tightened sanctions against the Islamic Republic ineffective.

Iran has reached agreements with European refiners to sell some of its oil through a private consortium, an official said on Saturday, a move designed to circumvent sanctions intended to put pressure on Tehran to halt its disputed nuclear program.