[lbo-talk] Iranian firms feel the heat as sanctions bite

uvj at vsnl.com uvj at vsnl.com
Fri Sep 28 17:06:30 PDT 2007


Reuters.com

Iranian firms feel the heat as sanctions bite http://www.reuters.com/article/ousiv/idUSBLA94936220070926?sp=true

Tue Sep 25, 2007

By Fredrik Dahl and Edmund Blair

TEHRAN (Reuters) - When a Western bank suddenly suspended the account of her family freight firm, Nazila Noebashari revived a financial practice she thought long gone: she sent staff to the Afghan border to collect $50,000 by hand.

With foreign banks increasingly closing down business with Iranian customers in the face of U.S.-led sanctions, such physical transactions are the only way Traf Co Ltd and many other firms in Iran are staying in business. http://www.reuters.com/article/ousiv/idUSBLA94936220070926?sp=true



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