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U.S. Steps Up Effort to Stop EU Firms Trading with Iran

[Guardian-UK] Ewen MacAskill - An escalating crackdown by the U.S. on foreign companies and banks doing business with Iran is provoking opposition in Britain and Europe. Congress wants all international companies to end their investment in Iran and is pushing through a bill that would penalize companies which fail to do so. A senior British banking source said Thursday there was a great deal of annoyance with the U.S. approach. The two British banks most frequently mentioned in Washington in relation to Iran are HSBC and Standard Chartered. The source said both banks have scaled down their operations in Iran, but much of their former business has been picked up by German and French banks whose governments have resisted pressure from Washington.
2007-07-20 01:00:00
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