Sanctions weigh on Lebanon-Syria banking ties

Beirut, Lebanon _ Lebanese banks which worked for years to build up business in neighboring Syria have been quietly implementing U.S. and European Union sanctions against Damascus to avoid jeopardizing their international operations, bankers and economists say.

This is despite close financial ties between the two countries, cemented by the opening of seven Lebanese banking affiliates in Syria (more…)

Israel: Netanyahu deputy disappointed with Obama on Iran

A senior Israeli official voiced disappointment in the Obama administration on Sunday, saying “election-year considerations” lay behind its caution over tough Iran sanctions sought by U.S. legislators.

While Washington has been talking tougher about Iran’s nuclear work and threat to block oil export routes out of the Gulf if hit with harsher sanctions, (more…)

Turkey seizes 5 Iranian trucks with ‘military materials’ on way to Syria

Istanbul – Turkish customs officials seized a fifth Iranian truck on Wednesday. This development comes after four other trucks were seized on Tuesday on suspicion of carrying arms to Syria, state news agency Anatolian reported. (more…)

UK warns Iran over oil passageway threat

Britain’s defence secretary has warned Iran that any attempt to block the key global oil passageway the Strait of Hormuz would be illegal and unsuccessful – hinting at a robust international response. (more…)

Screws tighten on Iran as big buyers shun its oil

Iran faced the prospect on Thursday of cutbacks in its oil sales to China and Japan as new measures to cut off Tehran’s crude exports appeared to be driving its economy to the wall.

The developments in Asia follow news on Wednesday that EU leaders had agreed to halt European purchases of Iranian crude. (more…)

Iran currency ‘Rial’ hits record low after new US sanctions

Iran’s currency, the rial, slipped to a record low Sunday, the day after the United States imposed extra sanctions targeting the Islamic republic’s central bank and financial sector.

The state news agency IRNA and an Iranian website tracking the currency said the rial’s street value at money changers’ slid to around 16,000 to the dollar. (more…)

Syria: oil output cut by third due to sanctions

Syrian Oil Minister Sufian Alao said on Saturday that his country’s oil production had fallen by about 30 to 35 percent as a result of sanctions imposed on Syria over its nine-month crackdown on anti-government protests.

The European Union has stepped up its sanctions against Syria’s oil industry, including blacklisting state-owned firms. (more…)

Syria sees allies as lifeline against sanctions

As Syria struggles to absorb Arab, European Union and Turkish sanctions, the policies of the few regional governments that have not turned against Damascus assume a new significance.

Recent sanctions may have hit confidence, with the Syrian pound reportedly slipping further against the dollar, but analysts say Iraq, Lebanon and Iran are likely to help Syria weather them in the short term. (more…)

Syria faces new sanctions after ignoring AL deadline

Syria faces new sanctions after flouting an Arab League deadline to accept observers to monitor the unrest sweeping the country, which the UN says has killed at least 4000 people. (more…)

Iran warns oil would go over $250 a barrel if exports banned

Iran warned the West on Sunday any move to block its oil exports would more than double crude prices with devastating consequences on a fragile global economy. (more…)