Iran Economy NewsMore Businesses Need to Cut Ties With Iran

More Businesses Need to Cut Ties With Iran



Iran Focus

London, 1 Jun – It’s always been tricky to do business with Iran, but this has become even more so since Donald Trump announced that he would be withdrawing the US from the nuclear deal last month and reimposing sanctions on the mullahs.

Ever since Trump’s announcement on May 8, businesses have been pulling out of deals with Iran or promising to do so if they cannot get sanctions waivers – no business wants to get shut out of the US financial markets.

The latest of these businesses is Banque de Commerce et de Placements (BCP), who announced that they had suspended any new transactions related to Iran after May 8 and would be winding down their current relationship, and General Electric (GE), who is planning to end their sales of oil and natural-gas equipment to Iran later this year. This is a big hit for Iran, as GE subsidiaries alone were prepared to bid $150 million on Iranian pipelines.

A GE representative said: “We are adapting our activities in Iran as necessary to conform with recent changes in US law. GE’s activities in Iran to date have been limited and in compliance with US government rules, licenses and policies.”

Previous withdrawals and more companies cutting ties with Iran

This is not the first time that BCP, one of the few financial services companies which had business ties with companies and banks in Iran, has cut ties with Iran.

In 2011, it severed relations during the height of the tensions between the West and Iran, because of proposed sanctions and allegations that Iran’s central bank had been involved in money laundering.

Some are also speculating that Turkish-owned BCP cancelled its business with Iran because of Iran’s execution of Turkish banker Mehmet Hakan Atilla.

Several other companies, including French energy giant Total, have announced that they will pause operations in Iran.

Whatever the reason for these businesses pulling out of deals with Iran, this is good news. The money that the mullahs get from these deals does not help the Iranian people, by building schools or hospitals. It doesn’t even help them put food on the table.

Instead, it is syphoned off by the mullahs, through their many front businesses, to fund the Iranian military, its suppressive security forces, and its proxy terror cells. It is used to suppress the Iranian people, cause chaos in the Middle East, and ensure the survival of the mullahs’ rule.

Latest news

Iranian Regime and the Humiliating Failure of the Nuclear Talks

The nuclear talks and their ups and downs have become an endless series of stalemates in recent years. As...

Open Letter to Rt. Hon. Boris Johnson, MP To Support the Iranian Resistance

Since 2004, after the failed coup against the Iranian Resistance in 2003, carried out by the then French government...

Iranian Regime Ignores Its Main Demand in the Qatar Talks

On the evening of Friday, June 24, the High Representative of the European Union Josep Borrell traveled to Iran...

Regime’s Negligence Makes Iran the Main Loser in Oil Competitions

Last Friday, the Iranian regime’s president Ebrahim Raisi claimed in a meeting that his regime could be a 'stable'...

Dez River Joins the Dried-Up Rivers of Iran

The Iran regime’s insistence on pointless dam construction and the diversion of the rivers has dried up another river...

Iran’s Bankrupted Pension Funds

Four of the Iran regime’s pension funds are currently unable to pay their retirees' salaries and benefits from internal...

Must read

Rafsanjani’s campaign staff detained

Iran Focus: The security forces have reportedly detained a...

Senators appeal to U.N. on Iran detainees

Washington Post: The 16 female U.S. senators appealed to...

You might also likeRELATED
Recommended to you