Wednesday, January 10, 2007

US Effort to Isolate Iran Gains Ground

Did you read Wall Street Journal January 10, 2007 article U.S. Effort to Isolate Iran Gains Ground As European Bank Restrictions Take Hold by Glenn R. Simpson and David Crawford?
It includes:

• “The U.S. government's attempt to isolate Iran's economy will get a significant boost this month when the last European bank known to be clearing large volumes of that country's dollar transactions in the U.S. halts the practice.”

• “Commerzbank AG, Germany's second-largest bank, said it will stop handling dollar transactions for Iran at its New York branch by Jan. 31.”

• “Over the past year, most European banks with longstanding relationships with Iran have bowed to U.S. pressure and sharply curtailed transactions with Iran's state-controlled banks, which the U.S. says support terrorism. The U.S. also is seeking to financially quarantine Iran because of Tehran's vows to press ahead with its nuclear program in defiance of international will.”


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