Lebanon to support sanctions against Syria and Iran

Lebanese officials and banks assured a senior U.S. official Tuesday that Lebanon was fully committed to all financial sanctions on Syria and Iran.

“We told U.S. Treasury Undersecretary for Terrorism and Financial Intelligence David Cohen that Lebanese banks have no intention to have any kind of transaction with Syrian and Iranian financial institutions,” a banker who attended the meeting with the U.S. official said. (more…)

Billions in bank funds take flight from Syria

Close to 100 billion Syrian pounds (Dh6.41bn), almost a third of all funds on deposit, has left the Syrian banking system since the conflict began last year, The National can reveal.

“We are in the danger zone, but it could get much worse,” said an official at the country’s stock-market in Damascus. “The crisis in Syria is (more…)

EU could cope without Iranian oil, says IEA

The European Union could cope with an abrupt halt by Iran of oil exports to the region because buyers of Iranian oil are already adjusting to the EU’s forthcoming ban on Iranian shipments, an International Energy Agency official said on Monday. (more…)

Iran, Lebanon agree to form a joint company to boost trade ties

Iranian and Lebanese trade officials agreed during a meeting today in Beirut to establish a joint trade company aimed at increasing the trade ties between the two countries, according to the iranian embassy in Beirut

The document was signed in presence of Iran’s Ambassador to Lebanon Qazanfar Roknabadi. (more…)

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…)