China 

US officials push for sanctions on China over oil purchases from Iran

This story is published in a content partnership with POLITICO. It was originally reported by Eliana Johnson on politico.com on July 11, 2019.Senior administration officials now agree that China defied US sanctions when it imported more than a million barrels of crude oil from Iran last month. But they are grappling with whether – and how – to hit back, according to three US officials.The US State Department had considered issuing a waiver allowing Chinese companies to receive Iranian oil as… Source link

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Trump’s economic sanctions on Iran are doomed to fail, as a century of experience reveals

The sanctions imposed on Iran by US President Donald Trump have begun to bite the country’s economy hard. Inflation, seemingly defeated by President Hassan Rouhani, has returned with a vengeance, hitting 31 per cent in 2018. According to the International Monetary Fund, the economy is poised to shrink by 6 per cent this year, and inflation could reach 37 per cent.Many industries are experiencing severe difficulties, and unemployment is mounting. Aiming to cut Iranian oil exports to zero, Trump… Source link

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Standard Chartered to pay US$1.1 billion to resolve Iran sanctions investigations

Standard Chartered said on Tuesday that it agreed to pay US$1.1 billion to settle long-running investigations by United States and United Kingdom authorities into its handling of historical transactions by entities with connections to Iran and its financial crime controls.The settlements would allow the emerging markets lender to move beyond regulatory issues that have dogged it since the bank first reached an agreement with American regulators and prosecutors in 2012 over accusations that it… Source link

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Huawei executive Sabrina Meng Wanzhou fraudulently represented company to skirt US and EU sanctions on Iran, court hears

Sabrina Meng Wanzhou, the chief financial officer of Chinese telecommunications giant Huawei Technologies, misrepresented the company in order to get around US and EU sanctions on Iran, a packed courtroom in Vancouver, Canada, heard on Friday. Meng, a daughter of Huawei founder Ren Zhengfei, is sought for extradition by the United States in relation to Huawei’s alleged use of an unofficial subsidiary, Skycom, to skirt the sanctions, a lawyer representing the Canadian government said. She was arrested at Vancouver International Airport last Saturday as she changed planes and has been…

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US ‘was probing Huawei for an alleged global banking scheme to evade US sanctions on Iran before it arrested Sabrina Meng Wanzhou’

Chinese telecoms giant Huawei Technologies Co Ltd’s chief financial officer, Sabrina Meng Wanzhou, was arrested as part of a US investigation into an alleged scheme to use the global banking system to evade US sanctions against Iran, according to sources familiar with the situation. The United States has been looking into whether Huawei Technologies Ltd violated US sanctions against Iran since at least 2016 and more recently the company’s use of HSBC Holdings Plc to make illegal transactions involving Iran. In 2012, HSBC paid US$1.92 billion and entered into a…

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Don’t blame China’s slowing demand for the fall in oil prices. Instead, look to US sanctions (and waivers) on Iran

Fans of Game of Thrones know that winter is coming, but it has arrived early for traders who have been long of oil, with many having been frozen out of positions in recent weeks as the price of Brent Crude has plummeted from a four-year high of US$86 a barrel on October 3 to a close last Friday of US$66.76.  But why has the oil price fallen so quickly and how should markets interpret it? One explanation is that expectations of lower demand for oil have weighed on its price…

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Money 

Trump aims sanctions at Iran … Hong Kong bank customers get hit | This Week In Asia

Chandran Nair, the founder of the Global Institute for Tomorrow, was seeking answers when four Standard Chartered senior bank officers strode into his Hong Kong office in Taikoo Shing. Nair, from Malaysia, whose think tank deals mainly in executive education, wanted to know why his company account was frozen, and then, seemingly out of the blue, the bank started asking questions about his company’s dealings with Iran. “The bank wanted to know if we are some criminal organisation,” Nair said. “Are we doing something with Iran?” How China can benefit…

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