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The British government has settled a 1.25 billion pounds ($1.6 billion) damages claim brought by Iran’s largest private bank in an 11th-hour, out-of-court deal following a dispute over sanctions. Bank Mellat, which is 20% owned by the Iranian government and 80% privately held, said on Tuesday the legal row had been resolved for an undisclosed sum on the first day of a trial to assess its damages at London’s High […]

TEHRAN, Jun. 29 – French, British and German officials announced in a statement on Friday that the trade mechanism with Iran aimed at circumventing US sanctions, dubbed INSTEX, has been operational. INSTEX,  the mechanism which will facilitate trade with Iran, is now operational and its first transactions are being processed. A payment balancing system will allow companies in Europe to buy Iranian goods, and vice-versa, without money-transfers between European and Iranian

An executive directive issued by Iran’s First Vice-President regarding legalizing cryptocurrency mining in the country In a directive issued on August 4, Iran’s First Vice-President specified the terms and conditions for cryptocurrency mining in Iran as part of plans to create a safe, low-cost, transparent and high-speed basis for economic transactions and facilitate business activities. However, neither the Iranian administration nor the local banks would support or guarantee the use

National Iranian Oil Company is set to grant the development project of the South Pars oil layer, in the Persian Gulf, to a domestic company, a senior official said. “The cooperation will be under Iran’s new model of oil contracts, known as Iran Petroleum Contract [IPC],” NIOC director of integrated planning, said on Thursday 22 August. “Negotiations are also underway with domestic companies for the development of other fields such

Chaired by the Islamic Republic of Iran, the 4th Working Group Meeting on International Law in Cyberspace of Asian-African Legal Consultative Organization (AALCO) was held in the Chinese city of Hangzhou on September 2-4, 2019. The main topics on the agenda of the meeting were “Challenging Issues of International law in Cyberspace”, “Peaceful Use of Cyberspace”, and “Online Harmful Content”. The meeting was chaired by the Iranian Foreign Ministry’s Director-General

Governor of the Central Bank of Iran (CBI) said on Tuesday, 17 September that Iran and Russia have set up interbank system to facilitate trade via messaging system of Iran and Russia. Referring to Iran membership in Eurasian Economic Union (EEU), Governor of the Central Bank of Iran (CBI) mentioned that the possibility of using this system for trade exchanges between EEU member states will help develop trade exchanges of

Acting Head of Iran’s Cultural Heritage, Tourism and Handicrafts Ministry (CHTHO) Ali Asghar Moonesan said on Monday, Sep. 02.2019 that tourism sector of the country is in dire need of $21 billion worth of investment. “Our target is to achieve a 4.7 percent tourism share of gross domestic product (GDP) and for this reason, CHTHO will need $21 billion worth of investment in tourism sector,” he added. Speaking in Iran

Bernd Erbel, a German diplomat and a former head of his country’s mission in Iran (Oct. 2009-2013) has been appointed as the new president (INSTEX). He succeeded his compatriot, Per Fischer, a former Commerzbank director who presided over the mechanism since its inception in January. Erbel is to officially take office today (August 1), according to IRIB News Agency. Erbel has also served as ambassador to Egypt and carried out diplomatic

 Iran- Austria chamber of commerce and Iran- Switzerland Chamber of Commerce joint event sponsorship by Karimi & Associates Law Firm Karimi & Associates is honored to participate as sponsor of the Joint Event of Iran-Austria Chamber of Commerce and Iran- Switzerland Chamber of Commerce which was held during a ceremony on September 23, in Daralfonoun historical school, that i considered as the first Iranian modern school. Dr. Pedram Soltani, (Iran- Austria chamber

Eight foreign banks have signed up for the Russian version of the worldwide payments system Swift, launched to bypass US sanctions, according to the Central Bank of Russia. The System for the Transfer of Financial Messages (SFPS) was launched in December 2017 as a response to fears that Russia could be cut off from Swift, the system that allows for bank-to-bank transfers around the world, according to The Moscow Times. Speaking at