Wednesday, August 22, 2012

Eye on Iran: RBS, Commerzbank Drawn into U.S. Iran Money Probe







For continuing coverage follow us on Twitter and join our Facebook group.
  
Top Stories

Reuters:
"U.S. authorities are investigating Royal Bank of Scotland and Commerzbank over possible breaches of sanctions on Iran, in a widening crackdown which has already cost Standard Chartered a hefty fine. An RBS spokeswoman declined detailed comment on Wednesday but referred to disclosures published with the bank's half-year results earlier this month. These said RBS had initiated talks with U.S. and British authorities on whether it complied with economic sanctions on Iran, and that it could face a 'material impact' from the investigation. The inquiry raises the possibility of a substantial punishment for the part-nationalized British bank, which is also being investigated for its involvement in the Libor rate rigging scandal, ramping up pressure on Chief Executive Stephen Hester... Germany's second biggest-lender, Commerzbank, also said in a regulatory filing that investigations by the United States into violations of sanctions on Iran and other countries could hold 'considerably negative' consequences. Commerzbank, which is 25 percent-owned by the German state, said U.S. authorities were investigating whether its dealings with Iran, Sudan, Myanmar, North Korea and Cuba had violated U.S. embargoes, and pointed out that other banks had paid large settlements to end such investigations." http://t.uani.com/SSALJJ

Reuters: "U.N. nuclear inspectors will press again for access to a major military facility in talks with Iran this week but the chances of finding any evidence of suspected atom bomb research may have dimmed because the site has been 'cleaned up', Western diplomats and experts say. Visiting the Parchin complex has become a priority for the International Atomic Energy Agency as it seeks to end what the West sees as prolonged Iranian stonewalling of its investigation into allegations of attempts to design a nuclear weapon... Citing satellite images, Western diplomats say Iran has demolished some small buildings and moved earth at Parchin in an apparent attempt to purge any incriminating evidence from a site where the IAEA believe tests in a steel chamber relevant to nuclear arms were carried out, possibly a decade ago." http://t.uani.com/NkzzML

Reuters: "Asia's crude imports from Iran are set to recover in September to levels reached before a July 1 insurance ban by the European Union plunged trade with the Islamic Republic into uncertainty not seen in decades. Top Asian buyers -- China, India, Japan and South Korea together take more than half of Iran's crude oil exports -- have worked around the European Union embargo, suggesting imports will stay at least around these levels for the rest of the year. Refiners want to continue using the Iranian crude many of their plants are configured to process, as changes will need lengthy testing of new grades or cause an alteration in output... The European Union ban halved Iran's exports to top Asian buyers in July from June's figure of 1.28 million barrels per day (bpd), sending buyers scrambling to work around the measure." http://t.uani.com/TUqM8Z
Lebanon Banking Campaign 
Nuclear Program & Sanctions

The Australian: "Australia is imposing new sanctions against Iran in a fresh effort to pressure it into abandoning its nuclear program. Foreign Minister Bob Carr says the new autonomous sanctions will restrict dealings with Iran's oil, gas, petroleum and financial sectors. They will also restrict trade in gold, precious metals, diamonds and new Iranian currency. 'These sanctions aim to increase pressure on Iran to comply with nuclear non-proliferation obligations and with United Nations Security Council resolutions,' Senator Carr said in a statement on Wednesday. 'By introducing these sanctions - alongside others such as those of the European Union - we seek to bring Iran back to serious negotiations.'" http://t.uani.com/NHtv2a

FT: "Iran is trying to find new flags of convenience for its fleet of oil tankers after Tanzania and Tuvalu announced plans to deregister the vessels owned by Tehran, hitting Iran's ambitions to use the tankers to supply its Asian oil clients. Iran has over the past three months renamed and replaced the flags of more than half of its fleet of very large crude oil carriers - each capable of transporting roughly 2m barrels a day, equivalent to the daily consumption of France - in an apparent attempt to bypass US and European sanctions on its crude oil exports... Tehran has dropped its own flag and those of Malta and Cyprus and instead has since July run the flags of Tanzania and the Pacific island-state of Tuvalu. But both countries, under pressure from Washington and Brussels, have now announced they would deregister the vessels owned by NITC, formerly known as the National Iran Tanker Company, forcing Iran to look for a replacement. Under international law, vessels need to be registered - and flagged - by a country." http://t.uani.com/SjRKad

Reuters: "The small South Pacific island nation of Tuvalu will stop allowing ships owned by Iran to operate under its flag after U.S. lawmakers accused the country of running afoul of U.S. sanctions. Lawmakers had called for the U.S. government to take action against the Tuvalu Ship Registry for re-flagging 22 Iranian vessels, citing a recently passed law that authorized sanctions against anyone who re-registered Iranian oil tankers. Reflagging ships masks their ownership, which could make it easier for Iran to obtain insurance and financing for the cargoes, as well as find buyers for the shipments without attracting attention from the United States and European Union. After initially rebuffing calls to end the practice, the Tuvalu registry said it has started de-registering all National Iranian Tanker Company vessels and the process would be 'completed in the shortest time practicable.'" http://t.uani.com/PcJ81M

Reuters: "China's crude oil imports from Iran fell nearly a third in July from an 11-month high in June, ensuring that the world's second-largest oil consumer continues to meet the terms of a waiver from the United States on financial sanctions... China bought 1.93 million tonnes of Iran's crude in July, equivalent to about 454,500 barrels per day, against 632,618 bpd in June, data from the General Administration of Customs showed... China's purchase represents about 41 percent of Iran's estimated total exports of 1.1 million bpd in July. However, the average of June and July imports was around 540,000 bpd, mostly in line with contract volumes. Imports in the first seven months stood at 433,450 bpd, or 22 percent below levels a year ago, principally because of sharp first-quarter cuts made as China and Iran wrangled over contract terms." http://t.uani.com/Qq5xaF

Dow Jones: "PSA Peugeot Citroen SA and hundreds of smaller firms are feeling the sting of sanctions against Tehran as the French government withholds 220 million euros set aside by an Iranian bank for future payments for exports, due to a fear of harming Peugeot's alliance with U.S. auto-maker General Motors Co. (GM). The holdup has also dealt a blow to smaller companies by preventing them from fulfilling and receiving payment for pledged deliveries to Iran of European goods not under sanctions. It highlights France's struggle to balance the interests of its companies against the desire to apply international pressure over Iran's disputed nuclear program. The French Treasury has refused to release any of the money previously set aside in a Bank Tejarat account in Paris to guarantee payments for exports. The deliveries had been committed before the European Union introduced sanctions on the Iranian commercial bank on Jan. 23, people familiar with the matter said this week." http://t.uani.com/O1ptlX

Reuters: "Iran's state grains agency GTC has in the past week discreetly purchased around 400,000 metric tons of milling wheat, largely from the European Union, Baltic Sea and Black Sea regions, European traders said on Tuesday. Some traders thought up to 500,000 metric tons could be involved. Iranian wheat imports are usually handled by the private sector but the state had to step in and help with purchasing earlier this year because of the disruption to trade financing caused by Western sanctions aimed at Iran's disputed nuclear program." http://t.uani.com/MMxcGE

Foreign Affairs 

WSJ: "The U.S. Treasury Department's sanctions enforcement arm granted select non-profits 45 days to collect funds for victims of strong earthquakes in Iran. Since the Aug. 11 temblors hit northwestern Iran, Washington has said it would allow assistance to reach the Iranian people; Tehran has rejected the offer. More than 300 people were killed and thousands were left homeless from the 6.3 and 6.4 magnitude earthquakes. 'The general license is a demonstration of [the Obama] administration's commitment to supporting the Iranian people affected by this tragedy, and responds to the American people's desire to provide immediate assistance,' the Treasury Department said in a statement." http://t.uani.com/SSzYZ8

Opinion & Analysis

David Ignatius in WashPost: "As Israel and Iran entered this summer of confrontation over Tehran's nuclear program, the Iranians were also conducting talks with the United States and other leading nations to seek a diplomatic alternative to war. Since then, the rumors of an impending Israeli military strike have grown almost daily, but whatever happened to the negotiations? The answer is that the 'P5+1' talks with Iran have been in recess during the Muslim holy month of Ramadan, but contact is expected to resume soon between the top negotiators. Talking with Iranian and U.S. experts, I don't hear any hint of a breakthrough that would ease the war fever, although some useful new ideas have been floated. The diplomatic track has been frustrating to U.S. officials, so far. But it remains important because the military alternative is so fraught with dangers - not least for Israel and its long-term goal of preventing the Iranians from having nuclear weapons. An Israeli military strike might set the Iranian program back several years. But it would probably shatter the international coalition against Iran, galvanize support for the mullahs at home and in the region - and thus might make Iran's eventual acquisition of a bomb even more likely... By the end of August, Catherine Ashton, the European diplomat who is the chief negotiator for the P5+1, will likely talk by phone about next steps with Saeed Jalili, the representative of Iran's supreme leader. The possibilities include another technical meeting of experts or deputy negotiators, or a full, top-level negotiating session. The P5+1 nations (the United States, Britain, France, China, Russia and Germany) are still discussing their bargaining position. The consultations quickened last week with a trip to Beijing, Moscow and London by Wendy Sherman, the under secretary of state who is the top U.S. negotiator. The six countries agreed to continue working together despite some disagreements about tactics: 'At the end of the day, we will proceed in unity,' said a senior administration official... Unofficially, Iranians have signaled that they would be ready to export their stockpile of 20 percent uranium and cap future enrichment at 5 percent. This comes closer to meeting U.S. concerns, but it still leaves Iran with a big stockpile of about 6,000 kilograms of low-enriched uranium that could fuel a breakout - to 'dash' toward a bomb. It's this ability that most worries Israel." http://t.uani.com/SjRKad

Thomas Joscelyn in The Weekly Standard: "In the fall of 2011, the Obama administration revealed that American officials had discovered an Iranian terrorist plot against Saudi Arabia's ambassador to the U.S. Working through a local emissary, Iranian Revolutionary Guard Corps (IRGC) officers planned to hire members of a Mexican drug cartel to snuff out the ambassador at a local eatery. Little did the Iranians know that the drug dealers' hit man they sought to hire was, in reality, an informant for the U.S. government. In its complaint against the operation's alleged point man, a used car salesman named Manssor Arbabsiar, the Department of Justice (DOJ) revealed that the assassination plot was just one of a few contemplated attacks.  In a footnote, the DOJ explained that Arbabsiar and his co-conspirators 'had discussed the possibility of attacks on a number of other targets.' The complaint continues (emphasis added): 'These targets included foreign government facilities associated with Saudi Arabia and with another country, and these targets were located within and outside of the United States.' Although the nation described as 'another country' wasn't named in the complaint, the press reported that it was, unsurprisingly, Israel. In an interview published on WTOP.com last week, the Israeli ambassador to the U.S., Michael Oren, confirmed that Israeli interests were targeted. Oren explained that, in addition to targeting the Saudis, Iran sought to strike Israel's embassy in Washington. 'They also planned to blow up the Israeli Embassy, my embassy in this town,' Oren told WTOP. Oren added that he learned of the plot against the Israeli embassy in 'real time,' just as the American public began to hear the details of the IRGC's machinations. Court documents reveal that the Iranians allocated $1.5 million for the plot to assassinate Saudi Arabia's ambassador, but $5 million overall for the plots Arbabsiar was allegedly coordinating when he was arrested. That means that the bulk of the money, $3.5 million, was allocated to plots other than the plan to assassinate Saudi Arabia's ambassador." http://t.uani.com/PDWbvm  

Eye on Iran is a periodic news summary from United Against Nuclear Iran (UANI) a program of the American Coalition Against Nuclear Iran, Inc., a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code. Eye on Iran is not intended as a comprehensive media clips summary but rather a selection of media elements with discreet analysis in a PDA friendly format. For more information please email Press@UnitedAgainstNuclearIran.com

United Against Nuclear Iran (UANI) is a non-partisan, broad-based coalition that is united in a commitment to prevent Iran from fulfilling its ambition to become a regional super-power possessing nuclear weapons.  UANI is an issue-based coalition in which each coalition member will have its own interests as well as the collective goal of advancing an Iran free of nuclear weapons.

No comments:

Post a Comment