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(Wall Street Journal) Benoit Faucon - Foreign banks that kept Iran trading oil through previous sanctions are pulling out under pressure from the latest round of U.S. restrictions. Even banks with no direct U.S. exposure are refusing to deal with Tehran, fearing that they will be cut out of the dollar-based global financial system. With no international banks to fund trade and handle payments, Iranian businesses will struggle to buy and sell with the outside world. Almost all trade in oil, Iran's main export, is in dollars. 2018-06-26 00:00:00Full Article
Foreign Banks Pull Out of Iran
(Wall Street Journal) Benoit Faucon - Foreign banks that kept Iran trading oil through previous sanctions are pulling out under pressure from the latest round of U.S. restrictions. Even banks with no direct U.S. exposure are refusing to deal with Tehran, fearing that they will be cut out of the dollar-based global financial system. With no international banks to fund trade and handle payments, Iranian businesses will struggle to buy and sell with the outside world. Almost all trade in oil, Iran's main export, is in dollars. 2018-06-26 00:00:00Full Article
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