Economy

Al-Monitor – Iran is getting closer to joining China and Russia in the Shanghai Cooperation Organization. Reuters reported Thursday that at a summit in Uzbekistan this week, Iran signed a memorandum of obligations to join the group as a permanent member — an upgrade from its observer status.  What it means: The Shanghai Cooperation Organization works to strengthen security and trade cooperation in …

RFL/RE – Oil-tanker tracking companies estimate Iran’s oil exports increased for a third consecutive month in August. Data company Kepler, which provides tanker tracking services, told RFERL’s Radio Farda on September 14 that Iran’s unsold oil reserves at on-land facilities decreased by 6 million barrels to 50 million barrels, while Iran’s oil reserves on water also decreased to 93 million …

Iranwire – The governor of the Central Bank of Iran has announced the launch of a supposed Iranian “national cryptocurrency” named “RamzRial”. In a statement on Thursday, Ali Saleh Abadi said: “We previously announced RamzRial would go live by the end of September. In fact, the project started on a trial basis a few days ago. “A limited number of …

Al-Monitor – The United States on Wednesday announced sanctions on 10 individuals and two companies affiliated with Iran’s Islamic Revolutionary Guard Corps (IRGC) accused of conducting “malicious” cyber acts, including ransomware activity.  “Today’s actions demonstrate our commitment to disrupting ransomware infrastructure and actors,” Secretary of State Antony Blinken said in a statement. “The United States will not tolerate malicious cyber …

Al-Monitor – The United States on Thursday sanctioned an Iranian company it said was involved in the shipment of Iranian drones to Russia for use in Ukraine.  In a news release on Thursday, the Treasury Department accused the Tehran-based Safiran Airport Services of coordinating Russian military flights between Iran and Russia, “including those associated with transporting Iranian [drones], personnel and …

Al-Monitor – Iran’s trade with Turkmenistan during the first half of the year has already surpassed the entirety of bilateral trade last year.  Iranian Ambassador to Turkmenistan Gholam Abbas Arbab Khales told the official Islamic Republic News Agency yesterday that trade between the two countries during the first six months of 2022 amounted to $233 million. By comparison, trade during all of …

RFL/RE – Iran’s government has approved a set of regulations for trading with cryptocurrencies, a move that potentially allows the country to skirt some U.S. financial sanctions imposed over Tehran’s nuclear program. This news was announced on August 29, just weeks after Iran’s Trade Development Organization approved its first official import order — worth $10 million for the import of …

Al-Monitor – Iran’s Foreign Minister Hossein Amir-Abdollahian announced that his country was ready to open a high-tech fair in the Malian capital, Bamako, where Iran’s latest knowledge-based advancements will be put on display.   Amir-Abdollahian was sitting next to his Malian counterpart, Abdoulaye Diop, as private sector economic actors from both sides formed their first-ever joint cooperation committee.   The Iranian minister’s African visit …

Al-Monitor – Iran and Pakistan signed a series of cooperation agreements this week.  The two countries held a joint economic commission in Tehran Thursday. During the event, they signed a series of memorandums of understanding to expand cooperation in the trade, energy, transportation, culture, tourism and media sectors, the official Islamic Republic News Agency reported.  One of the agreements was between the …

RFL/RE – Iran’s leading automaker is seeking to grab a share of the Russian market after Western producers halted output or exited the market following sanctions. Iran Khodro CEO Mehdi Khatibi made the announcement on August 14 as he unveiled the company’s latest model — the crossover Rira. “We are going to pay special attention to the Russian market, and …