Iranian businesses devise creative ways to evade Trump sanctions | Financial Times:
Two years ago Hossein was optimistic about the future of his booming Iranian oil services businesses. Iran’s landmark nuclear agreement with world powers had lifted the economy out of recession, western companies were re-engaging with the Islamic republic and his revenue was surging. But in May last year everything changed.
US president Donald Trump pulled out of the nuclear deal and began the process of reimposing American sanctions. European partners with exposure to the US cut their ties to Hossein’s business and his annual revenue plunged 50 per cent. To prevent things from getting even worse, he has been forced into a complex web of global transactions in an effort to circumvent the sanctions.
Hossein likens the nuclear deal to a wonder drug in the 1990 film Awakenings, which brings patients out of a catatonic state but, tragically, only temporarily. “We had been all expecting to double our turnover very easily,” he said wistfully.
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