The Associated Press reported form UAI that it’s no longer business as usual with Iran here. The West, led by the United States, is cracking down on business in and out of Iran to protest against its nuclear ambitions. And Dubai is caught in the middle…
In March, Stuart Levy, the U.S. undersecretary for terrorism and financial intelligence, traveled to Dubai to warn Arab bankers to halt dealings with Iran or face U.S. sanctions. Washington and the Emirates also maintain a joint team to track Iran-linked financial transactions, ostensibly for ties to Tehran’s nuclear program.
“There are 48 European banks based here that have started imposing restrictions on companies that do business with Iran, even though they know the merchants very well and have a history with them,” says Hadi Motameni, president of the Iranian Business Council. “When businesses don’t get loans from banks, they can’t function.”