Insight — Bourse & Bazaar Foundation

◢ At its plenary meeting in Paris, the Financial Action Task Force (FATF) opted “to continue the suspension of countermeasures” related to Iran’s inclusion in the so-called “blacklist” of countries with deficiencies in anti-money laundering (AML) and combating financing of terrorism (CFT) standards. The suspension will be in place until October 2018. The suspension can be seen as a victory for European and Iranian multilateral cooperation in the face of the increasingly hostile American posture.

Jun 27

Jun 27 As Trump Goes Nuclear On Iranian Oil, Europe Must Match His Brinkmanship

◢ As the US chooses the "nuclear option" on Iran's oil, Europe must find leverage and force the US to walk back on its announced policy of driving down Iranian oil exports to zero. The negative consequences for European economy could prove significant, and the risks of regional escalation are high. There are three measures that the EU can pursue to pressure Trump and prevent a dangerous escalation.

Jun 26

Jun 26 Closure of Tehran Bazaar Reflects Fierce Elite Competition, Not Popular Politics

◢ The bazaar of today is not the bazaar of forty years ago, and no longer plays the same role as a key actor in Iran’s popular political mobilizations. The recent bazaar closures reflect primarily the economic self-interest of bazaar elite, who sense an opportunity to put the brakes on reforms that threaten their unique capacities for lucrative arbitrage. Protests are being co-opted as a political tool at the expense of genuine civil society mobilization.

Jun 22

Jun 22 FATF Faces Test of Fairness on Iran at Plenary Meeting

Fatemeh Mahjourian

◢ Iran is facing the end of a four month extension given by the Financial Action Task Force (FATF) for the reform of the country’s AML/CFT regulations. Iran will be hoping for a further extension of the suspension of countermeasures at the June plenary of the FATF. Some FATF members have sought to characterize such extensions as exceptional. However, extensions are a common procedure, and FATF ought to treat Iran’s case in fair recognition of this fact.

Jun 21

Jun 21 Mohammad Javad Zarif: Iran Sees a Broken U.S. Foreign Policy

Mohammad Javad Zarif

◢ In a wide ranging essay, Iranian Foreign Minister Mohammad Javad Zarif outlines the Iranian view of a “broken” U.S. foreign policy and details Iran’s 15 demands in response to the 12 demands issued by U.S. Secretary of State Mike Pompeo after the withdrawal from the JCPOA.

Jun 21

Jun 21 High Stakes for Iran in Upcoming FATF Meeting

Matthew Spivack

◢ A few days ahead of an international meeting in which Iran’s efforts to improve anti-money laundering and counter-terrorist financing (AML/CFT) standards will be reviewed, Ayatollah Ali Khamenei appeared to pour cold water on the reform process. Yet, it is premature to assume that Iran’s consultations with the Financial Action Task Force (FATF) are suddenly over after two years of close coordination. As the FATF’s plenary meeting approaches, the stakes are high for Iran, which is seeking another extension for implementation of its action plan.

Jun 14

Jun 14 Over-Compliance on Iran Sanctions Can Lead to Discrimination

Tom Keya

◢ Ireland’s Workplace Relations Commission has fined an unnamed bank EUR 20,000 for discrimination against an Iranian couple. The ruling points to a growing case precedent in Europe on acts of sanctions over-compliance which lead to discrimination of Iranian persons or individuals and businesses who maintain financial links to Iran.

May 24

May 24 New US Sanctions Target Operator of Iran's Presidential Aircraft

◢ The US Treasury Office of Foreign Asset Control on Thursday announced a new round of targeted sanctions designations, including sanctions on Dena Airways, the company which operates the Iran’s presidential aircraft used by Hassan Rouhani for official travel. The new sanctions follow the designation of Iran’s central bank governor, Valliollah Seif, and reflect a further targeting of the Rouhani administration.

May 23

May 23 Increased Competition Squeezes Air France in Iran

Amir Noorbakhsh

◢ Air France recently announced the reduction of its flights from Paris to Tehran after first switching the service on the route to its subsidiary airline JOON. At a time of uncertainty surrounding the future of the Iran nuclear deal, the reduction of flights led to speculation that the move may have been influenced by the return of sanctions. But a look to the current competitive environment shows other significant changes to the market to which Air France was forced to react.

May 21

May 21 Global Academic, Cultural Leaders Declare ‘European Imperative’ to Save Iran Deal

◢ In a new open letter, over 150 global academic and cultural leaders have called upon the European Union to “discharge its international obligations” and ensure that “Iran and its people enjoy the full economic and political dividends” of the nuclear deal, despite President Trump’s unilateral withdrawal from the agreement earlier this month.

May 18

May 18 Cañete to Discuss Vital Central Banking Solution on Iran Visit

◢ Europe’s Commissioner for Climate Action and Energy, Miguel Arias Cañete is set to travel to Tehran this weekend. Cañete’s visit will include discussions on possible new payment mechanisms designed to allow Europe to repatriate oil revenues to Iran’s central bank despite despite Trump’s withdrawal from the nuclear deal, offering a vital lifeline for the Iranian economy as sanctions begin to bite.

May 18

May 18 They Want War With Iran, They’re Settling For Economic War

◢ On Tuesday, French officials convened a briefing for French business on possible responses to Trump’s reimposition of secondary sanctions. French Minister of Economy Bruno Le Maire reportedly cited the French parable that “money is the nerve of war” to describe what is at stake. He may be more correct than he realizes, as the Trump administration gears-up for an economic war on Iran.

May 17

May 17 Total CEO Pouyanné: Transatlantic Partners Risk Gifting Iran to 'China and Russia'

◢ Speaking on Thursday at the Center for Strategic and International Studies, a Washington D.C. think tank, Total CEO Patrick Pouyanné faced several questions about his company’s recently announced decision to wind down operations in Iran following the reapplication of secondary sanctions by the Trump administration. Pouyanné warned that the “Atlantic allies” risk giving “all the Middle East region to China and Russia.”

May 14

May 14 Ambiguity in Trump Sanctions Could Put Humanitarian Trade with Iran at Risk

◢ In the years when Iran was under broad international sanctions, the country saw shortages in key foodstuffs and life-saving medicines. Despite attestations to the contrary, international sanctions hurt the Iranian people in cruel ways. As Iranians prepare for the return of U.S. sanctions, concerning ambiguity in OFAC’s new sanctions guidance may undermine the longstanding exemptions for humanitarian trade and the carve-outs for the Iranian banks which facilitate these sales.

May 11

May 11 U.S. Sanctions on Iran Set to Return: A Simple Explainer

Julia Pfeil

◢ On 8 May 2018, U.S. President Trump announced that the United States “will withdraw from the Iran nuclear deal” and that the United States “will be instituting the highest level of economic sanctions”. At the same time, U.S. authorities announced that U.S. sanctions would be re-instated, at the latest by 4 November 2018. What does this mean for companies who have ties to Iran or who do business in Iran?

May 10

May 10 After Trump’s Iran Decision: Time for Europe to Step Up

Ellie Geranmayeh

◢ The E3 should now acknowledge that its negotiating tactic of accommodation and comprise with Trump has failed. If Europe is to have any influence forthcoming US policy on Iran, European governments should quickly shift tack, unifying behind a more assertive diplomatic strategy aimed at deterring the worst-case scenario of renewed Iranian nuclear program and more instability and violence in a region close to its borders.

May 9

May 9 Trump's Unequivocal Iran Deal Withdrawal Was the Best Outcome for Iran

◢ President Trump has violated the Joint Comprehensive Plan of Action and withdrawn from a landmark arms control agreement that enjoyed broad international support. Crucially, he did so more decisively than many expected. It is this decisiveness which may offer a sliver lining for Iran and Europe, who will find it easier to coordinate a robust response in the face of such a definitive action by Trump.

May 4

May 4 Europe’s Balancing Act on the Nuclear Deal: Wooing Trump Without Losing Iran

Ellie Geranmayeh

◢ European leaders have been assiduous in lobbying Washington on the nuclear deal. But Europe must step up its diplomacy to ensure it does not lose Tehran in the process and should further make a strong case to the Iranian government and public as to why the nuclear deal can continue to serve Iran’s security and economic interest even without the US.

Apr 30

Apr 30 Iran’s Currency Crisis Spurs Action in Financial Reform Efforts

Navid Kalhor