18 April 2014, Friday
Today's Zaman

Security experts: Turkish, Chinese banks help Tehran escape sanctions

20 February 2012, Monday /TODAY'S ZAMAN
As Iran looks for new ways to evade sanctions put in place by Western nations skeptical of Tehran's nuclear ambitions, security experts say the Iranian central bank has resorted to using proxy institutions in Turkey and China in order to maintain access to the global market and buoy a sanction-stricken economy.

According to a Sunday report by the Daily Telegraph, Chinese and Turkish banks have helped Iran “barter” for goods by purchasing Iranian oil and repaying Tehran by then purchasing and shipping to Iran otherwise unobtainable goods.

"The money Iran earns from oil sales goes into banks in China and is then used for Iranian purchases of other goods and materials,” the Telegraph quoted an unnamed Western security official as saying. “It is a very good way of getting round the sanctions.”

The move comes as a new round of sanctions have left Turkey and China, neither of which imposes sanctions against Iran, as critical lifelines to the Iranian economy. Turkey has long been a major conduit for Iranian goods headed to markets across Europe, while China is one of Iran's largest oil buyers, purchasing around 20 percent of the country's total oil output.

The Telegraph report suggests that Turkish businesses, acting on behalf of Iran, have also attempted to establish shell financial institutions in Europe on orders from Tehran and that investigators have “identified a number of transactions passing through German banks that appear to have come from Turkey, but in fact are being controlled by Tehran.”

The report also suggested that Ukraine and Belarus may be emerging as conduits for the illegal transfer of goods from the EU to Iran.

keep dreaming migo only people that trust israel are religious fanatics
@ Pinar Now how naive is that? The "Muslim World" depends heavily on the west and Israel has got nothing to do with it. especially not with the Christian world, or do you think the Muslims will swallow their oil themselves instead of selling it to the West? And yes, Israel is trusted much more arou...
the muslim world needs to develop a muslim banking transaction system totally independent of the Jewish controlled christian world to end Israel's control of the world banking system.muslim world is now too dependent on christian world to handle banking transactions. The christian see israel as thei...
Click here to read all user comments
DIPLOMACY  Other Titles
KKTC pushing for Cyprus deal before end of this year
MEPs question EU Commission over funds to Turkey
Greece rejects extradition of leading DHKP/C member
Pro-gov't dailies report conflicting news on leaked audio on Syria
US warns against damage to ties over recurring media claims
KRG's Barzani visits Ankara for talks with Erdoğan
Villagers file suit against ministry over stray bullets from Syria
Chief ombudsman laments low implementation of KDK recommendations
Turkey says deeply concerned over events in Ukraine
Chinese deputy foreign minister in Ankara for inter-delegation meeting
‘Turkey will not remain silent over 'genocide resolution' if adopted’
Russia welcomes Turkey's assurances on observance of Montreux terms
Poland: NATO should send troops to east Europe, ignore Russia's objections
US looks to Turkey to uphold checks and balances
Dubai may be a hub for Turkey and Iran's illicit transactions
US House Speaker meets senior Turkish officials in Ankara
EU Minister Çavuşoğlu says Füle's comments on Turkey ‘balanced'
US Ambassador Ricciardone has talks with AK Party officials
Turkey's honorary consuls meet to discuss foreign policy
Iran to build cultural center in the heart of İstanbul
Loğoğlu: No Turkish institution in US works against Turkey
Erdoğan will further polarize Turkey as presidential election approaches
European Union concerned about rule of law in Turkey
Turkey seeks to restore dialogue with Serbia with FM's visit
Turkish Rights groups slam Egypt over execution ruling