United States Forced Noor Islamic Bank in Dubai to Stop Dealing With Iran

The U.S. governments forced Noor Islamic Bank in Dubai to stop the transfer of billions of dollars of Iran’s oil sales through the calculations in the framework of Western efforts to force Tehran to halt its nuclear program .

This procedure cut one of the links that bind the global banking system of Iran, forcing them to look for other channels to convert foreign exchange earnings to the vital oil sales .

Iran was trying to sell 200 thousand tons of crude oil carried by a supertanker anchored off the coast of Singapore . This was one of the negative impact of sanctions on Iran’s oil exports .

“When we learned in December 2011 that U.S. sanctions will be applied individually on a number of Iranian banks we took steps to end all relationships with Iranian banks licensed in the UAE.” The spokesman of Noor Islamic Bank said .

Noor Islamic Bank was one of the most important channels for Iran to receive oil’s export funds . This bank proceeds of up to 60 percent from sales of Iranian oil estimated at $ 80 billion by the end of last year .

He is learning History in Tehran university one of the most reputed universities in Tehran . Beside this , He has worked in Mash’had Times from 2006 until 2009 . He joined the team in middle 2010 . Phone number: +989356891256 , Email address: Ahmad (at) KabirNews.com

One Comment

  1. Malcolm Ward says:

    If you read the statement from Noor Islamic Bank it says that NIB premepted US sanctions by severing links with Iranian banks, licensed to operate in the UAE, prior to the announcement of the US sanctions. This, was done despite the fact that the unilateral US sanctions do not have any basis in international law, only US law. As such banks in the UAE are not bound by the sanctions. So why not give Noor some credit for applying the sanctions, in advance of them becoming law in the US, rather than stating that the US ‘forced’ the bank to comply?

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