Pakistan News Service

Monday Apr 23, 2018, Shaban 7, 1439 Hijri
Logo Logo
Pakistan News Home -> Top -> News Details

US warns firms against breaking Iran sanctions

17 January, 2014

ROME/Vienna: Iran is still a "perilous" place for foreign companies to do business because of sanctions unaffected by the recent interim nuclear deal, a senior US administration official said on Wednesday during a visit to Rome.

The six-month agreement only provides for the easing of limited sanctions and the unblocking of some frozen Iranian assets abroad and foreign firms should not "over-interpret" its scope, the official said.

"Businesses need to take into account the legal and reputational risk of doing business with Iran", he said, speaking on condition of anonymity. The official added that Italy had been identified by Washington as one of the countries with historic and current trade ties with Iran and pointed out that Tehran saw Italy as a possible "gateway" to Europe. Italian oil major ENI, along with other foreign oil firms, should "convey to their partners in the oil sector that they are not going in now," he said. The US is engaged in "an ongoing effort to visit key partners to continue to ensure that the sanctions regime that has been built over the past 5-10 years remains robust, remains in place," he said.

The international deal with Iran is due to come into force from January 20 and foresees the suspension of certain sanctions on gold and precious metals, Iran's auto sector, and petrochemical exports.

It will also allow for safety-related repairs and inspections for some Iranian airlines, ease restrictions on oil shipping and unblock $4.2 billion from sanctioned Iranian oil sales.

In another development, the head of the UN atomic watchdog said Wednesday he has called an extraordinary meeting of the agency's board on January 24 to discuss how to verify Iran's upcoming nuclear freeze.

"I have requested that a meeting of the board of governors be convened on 24 January," International Atomic Energy Agency chief Yukiya Amano said in a statement.

He said he would "consult" with the 35-nation board regarding a request by Iran and six world powers to the IAEA to "undertake monitoring and verification of nuclear-related measures in relation to the Joint Plan of Action" signed on November 24. Under the landmark deal due to take effect on January 20, Iran has agreed to freeze parts of its nuclear programme for six months in exchange for moderate sanctions relief and a promise of no new sanctions.

During this six-month period, Iran and the six powers the US, China, Russia, Britain, France and Germany are to hammer out a "comprehensive" deal resolving for good the standoff over Iran's nuclear programme. The Vienna-based IAEA, which will have a key role verifying that Iran does what it promised, gave no details on Wednesday of its plans, but Amano said previously the agency would need additional resources. The extra work "requires a significant amount of money and manpower.... The IAEA's budget is very, very tight. I don't think we can cover everything from our own budget," Amano had told reporters in late November. Iran says its nuclear programme is peaceful but many in the international community suspect otherwise, with the UN Security Council demanding a suspension of certain activities in a string of resolutions.


 What do you think about the story ? Leave your comments!

Heading (Optional)
Your Comments: *

Your Name:*
E-mail (Optional):
City (Optional):
Country (Optional):
Field marked(*) are mandatory.
Note. The PakTribune will publish as many comments as possible but cannot guarantee publication of all. PakTribune keeps its rights reserved to edit the comments for reasons of clarity, brevity and morality. The external links like http:// https:// etc... are not allowed for the time being to be posted inside comments to discourage spammers.

  Speak Out View All
Military Courts
Imran - Qadri long march
Candid Corner
Exclusive by
Lt. Col. Riaz Jafri (Retd)
Pakistan itself a victim of state-sponsored terrorism: Qamar Bajwa
Should You Try Napping During the Workday?
Suggested Sites