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Are there any sanctions against Iran?
The interim agreement to end the Iran War will include a waiver of sanctioned oil sale but the country is still faced with a complex web?of international restrictions on its trade and activities. Since decades, sanctions, trade embargoes, and asset freezings have been imposed on Iran by the United Nations, the United States of America, the European Union, and other countries over its nuclear program, human rights record, and support for groups in the region. Iran is hoping to get further sanctions relief through discussions on its nuclear program as the next phase of the interim agreement unfolds. Here are a few of the many sanctions imposed on Iran. They range from trade bans at a wholesale level to rules that target specific individuals or entities. SANCTIONS OF THE UNITED NATIONS The U.N. sanctions have been linked to Iran's nucleic programme, and the assessment of Iran's violations under the Nuclear Non-Proliferation Treaty. In 2006, 2007 and 2008, the U.N. Security Council adopted resolutions that imposed sanctions. These included an embargo on arms, a ban on the supply of certain nuclear materials and technology as well as a freeze on the assets of individuals and companies. The resolutions also prohibited Iran from undertaking any activity to manufacture ballistic missiles that are capable of delivering nuclear weapons. The resolutions did not ban Iranian oil exports, but they did freeze the funds and assets held by the Islamic Revolutionary Guard Corps (IRGC) and the state-owned shipping company. The Security Council established a timeline for lifting sanctions against Iran after the Joint Comprehensive Plan of Action (JCPOA), which was signed in 2015. In 2018, Donald Trump, the president of the United States, ripped up this deal and Iran stopped meeting some of its conditions. Last year, the U.N. sanction were reimposed via a "snapback". UNITED STATES SANCTIONS Washington sanctioned Iran for the first time in 1979, when students took over the U.S. Embassy in Tehran and held diplomats as hostages. Since then, the U.S. has imposed a number of?additional sanction over Iran's support of groups it considers terrorist organizations and its nuclear program. Washington has designated the IRGC as a terrorist organization, despite it being deeply enmeshed in the economy of the country. There is no easy, quick way to stop all sanctions. They are administered by Treasury, but they have different authorities, and different mechanisms. The authority to impose sanctions comes from two 1970s laws that granted emergency powers to presidents, which had to be renewed every year. Also from laws passed in 1996 and 2017, specifically targeting Iran and others. Trump can reverse sanctions imposed by his executive orders. The sanctions include a freeze on 'billions' of dollars worth of Iranian assets and an arms embargo. They also include a ban on any trade or investment with Iran, as well as on anyone buying its oil. The sanctions imposed by Congress are harder to remove, as they did not include any waivers or exemptions?based on Iranian behavior around human rights abuses or Tehran's backing of groups Washington views as terrorist organisations. There are many companies, government agencies and individuals that have been?designated. Removing them all could take a very long time. EUROPEAN UNION SANCTIONS In 2012, the EU placed embargoes against Iranian oil exports. It also froze the assets of the Central Bank of Iran. The trade of precious metals and petrochemicals into and out of Iran was stopped. The country imposed restrictions on the foreign trade, financial service and energy and technology sectors. In 2012, EU directives cut off some Iranian banks from the SWIFT international payments system. This effectively cut off large parts of Iran's banking system from other countries. Despite the JCPOA lifting some sanctions, others were reinstated later. Additional sanctions were imposed on individuals as well as specific missiles and drone components. The EU also sanctioned IRGC, and imposed new sanctions in this year due to Iran's blockade of the Strait of Hormuz. Where does Iran have frozen assets? Iran has tens and tens billions in frozen assets, mostly from oil and gas exports, that are sitting in foreign bank accounts. However, it is unable to access these funds due to the sanctions imposed on its banking sector and oil sector. South Korea, China and Japan are among the countries where Iran had unclaimed billions in oil revenue in their banks. (By Angus McDowall, London; Editing and proofreading by Matthew Lewis).
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UniCredit turned CEO Orcel's younger brother to broker Russia deal
Riccardo Orcel is a former senior banker of the Russian state-backed VTB Group, and the brother of UniCredit's CEO Andrea?Orcel. He helped broker an agreement recently to sell UniCredit's Russia operations. His involvement, which was previously unknown, provides insight into the way Italy's second largest bank secured an agreement to leave Russia. It draws on the expertise of the former VTB executive, who was once regarded as one of the most well-known Western bankers in Moscow. Riccardo orcel left VTB in the past, and it is now subject to Western sanctions. In a press release, the bank stated that "UniCredit confirmed that Riccardo orcel had presented a proposal relating to their Russian business. He was appointed by UniCredit Board as an independent advisor in connection with this process." "The successful outcome of that work was the transaction announced last month." Riccardo orcel has declined to comment. According to Stefano Gatti of Bocconi University in Milan, the Bank of Italy has a complicated set of rules regarding related-party transactions. He said that the regulator oversees any potential conflict of interest and the related-party committee of the bank, the board of directors, and the statutory auditors must carefully assess it. REGULATORY SPRESSURE UniCredit has been one of the biggest Western banks in Russia for many years. It continued to operate after the invasion of Ukraine, despite the pressure of regulators. In May, the bank announced that it had reached a non-binding agreement to sell part of its Russian bank?to a 'well-established private investors' in the United Arab Emirates. It retained only its payments business within Russia. The buyer is unknown beyond the UAE. Since the sanctions have closed down traditional business centres like Vienna, Dubai has become a major hub for doing business with Russia. Riccardo Orcel was Andrea Orcel’s younger brother. He served as vice-chairman of VTB Capital, Russia’s second largest bank. In 2022 he left Russia and joined gold producer Polymetal, then agricultural trader Quanton Commodities. VTB, which is controlled by the Russian state, remains a major player in Russia. Andrey Kostin, its chairman, is an ally of Vladimir Putin. In order to stem the corporate exodus that followed its invasion of Ukraine Russia tightened exit regulations for Western companies and implemented steep discounts on sales of foreign assets. UniCredit deals would need presidential approval and central bank approval. The Milan-based lender, under regulatory pressure, has scaled back its Russian operations. In 2022, it was ranked as one of the top 15 banks in the country. Reporting by Valentina Z and Elvira pollina from Milan, and John O'Donnell from Frankfurt. Elisa Martuzzi, Tommy Reggiori Wilkes, and Mark Potter edited the story.
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Banks say it will take some time for oil flows to return through Hormuz.
Analysts at two banks say it could take several months to see a recovery in oil flow through the Strait of?Hormuz, and oil production, following?the U.S. Iran interim peace agreement. The Iran conflict caused a disruption in shipments?through? the strait. This is where about a quarter of global oil supplies pass. Oil prices rose sharply. Brent crude reached a record high of $126 per barrel in April, which is a four-year low. Goldman Sachs expects Middle East Gulf exports to return to pre-war levels before the end of July and crude production to rebound by October. Although ship availability does not constitute a constraint on exports, shipowners' caution could be a factor, the report said. In a report published on June 17, the bank stated that "we see shippers' aversion to risk as a possible constraint on flows, along Iran's geopolitical objectives over the 60-day negotiations for the nuclear deal." BNP Paribas stated that, even in the best-case scenario, it would still take several months to normalise oil flows. This would mean that producers would have to re-start about 12 million barrels of production per day. Bank of America stated that clearing mines could take months and not days due to logistical challenges. They also said the oil markets may remain in deficit until the fourth quarter of 2020. Brent oil traded at $77.16 per barrel as of 1403 GMT on Thursday, as the deal eased fears over a prolonged shortage. (Reporting and editing by Alex Lawler in Bengaluru, and Jan Harvey.)
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Gold falls as Fed signals hawkish boost dollar and rate hike bets
Gold prices remained stable on Thursday, despite a hawkish Federal Reserve policy and a stronger Dollar. The U.S. Iran ceasefire agreement, which reduced inflation fears and sent oil prices lower, also helped to keep gold at a reasonable level. At 10:30 am, spot gold was down by 0.3% to $4,246.55 an ounce. ET (1430 GMT). Last week, prices reached their lowest level since November 2025. U.S. Gold Futures dropped 2.7% to $4.264.30. The Fed's hawkish tilt yesterday was most important. The dollar is at new record highs, and this keeps gold under pressure, according to Peter Grant, senior metals analyst at Zaner Metals. The Fed kept interest rates steady on Wednesday but nine of 19 policymakers believe that a rate hike is needed later in the year. After the policy announcement, the U.S. Dollar climbed and is now at an all-time high. This makes greenback-priced gold more expensive for foreign buyers. According to the CME FedWatch Tool, markets are pricing in a 85% chance that rates will be raised in the U.S. in December. This is higher than 61%, which was the chance before the Fed policy statement. In a high-interest rate environment, gold, which is a nonyielding investment, struggles. Since the start of the Middle East conflict, prices have been under pressure as fuel costs increased and inflation fears were stoked. On Wednesday, the U.S. released the text from an interim agreement that their presidents had signed to end their conflict. U.S. Donald Trump threatened to resume attacks on Iran and to?kill Iranian officials? if it failed to honor its commitments. Brent futures fell to their lowest level since March 2, the first trading day after 'the initial U.S. - Israeli strikes against Iran. WTI also dropped to its lowest level since March 4. Silver spot fell by 1.8%, to $66.75 an ounce. Platinum lost 0.9%, to $1718.27. Palladium dropped 2.1%, to $1285.10. (Reporting by Anjana Anil in Bengaluru; Editing by Tasim Zahid)
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UniCredit turned CEO Orcel's younger brother to broker Russia deal
Riccardo Orcel is a former senior executive at the Russian state-backed VTB Group, and brother to UniCredit CEO Andrea Orcel. He helped broker an agreement recently?to?sell?the Italian bank's Russia division. His involvement, which was previously unknown, provides insight into the way Italy's second largest bank secured an agreement to leave Russia. It draws on the expertise of the former VTB executive, who was once among the most well-known Western bankers in Moscow. Riccardo orcel left VTB in the past, and it is now subject to Western sanctions. In a press release, UniCredit said that Riccardo orcel had presented a proposal relating to their Russian business. He was appointed as an independent advisor by UniCredit’s Board for the implementation of this process. "The successful result of this work was the?transaction' announced last month." Riccardo orcel has declined to comment. According to Stefano Gatti of Bocconi University in Milan, the Bank of Italy's complex rules on related party transactions govern the appointment of relatives of senior figures within Italian lenders. He said that "any potential conflict of interests...?is monitored by the regulator, and must be assessed carefully by the related-party committee of the bank, its board of director and statutory auditors." Gatti stated that the scope of a conflict appeared to be "relatively limited" as it involved a brother, who was a former manager, but is now a free-lance adviser and not in a place to create credit risk for UniCredit through lending. He said that "UniCredit’s compliance function would have examined the case very thoroughly before assigning the assignment." REGULATORY SPRESSURE UniCredit has been operating in Russia for many years, despite the pressures from regulators. In May, the bank announced that it had reached a non-binding agreement to sell a portion of its Russian bank in order to "a well-established private investor" from the United Arab Emirates. It retained only its payments business within Russia. The buyer is not well-known beyond the UAE. Dubai has become a major hub for doing business with Russia after sanctions forced traditional centres like Vienna to close. Riccardo Orcel was Andrea Orcel’s younger brother. He served as vice-chairman of VTB Capital, the investment banking arm of Russia's second largest bank. In 2022 he left Russia and joined gold producer Polymetal International, then agricultural trader Quanton Commodities. The state-controlled VTB is still a major player in Russia. Andrey Kostin is close to President Vladimir Putin. In order to stem the corporate exodus that followed its invasion of Ukraine?Russia tightened exit regulations for Western companies and imposed steep discounts when selling foreign assets. A UniCredit deal would need a presidential order and approval from the central bank. The Milan-based lender, under regulatory pressure, has scaled back its Russian operations. In 2022, it was ranked as one of the top 15 banks in the country. Reporting by Valentina Z and Elvira pollina from Milan, and John O'Donnell from Frankfurt. Elisa Martuzzi, Tommy Reggiori Wilkes, and Mark Potter edited the story.
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US signs loan agreement with Energy Fuels worth $725 million to boost domestic rare-earth production
On 'Thursday, the U.S. government signed a conditional loan agreement of $725 million with Energy Fuels to boost domestic 'processing' of rare earth elements as part its efforts reduce dependence on China. Energy Fuels shares surged by 9.25% during the morning trade on Thursday in New York. Energy Fuels will expand operations in rare earth separation and metallization. This is vital for the production permanent magnets. The Office of Strategic Capital of the Department of War released a statement. OSC stated that the company's increased production of rare-earth oxides will "directly?support permanent magnets across the U.S. industry base and improve supply chains for specialty defense and industrial product." The Department of War has been renamed by President Donald Trump. In the past year, many countries, including the U.S. have increased their investments in the rare earth mining and processing industry following China's decision to restrict?exports? of?rare Earth magnets. Magnets of this type are used in the manufacture of motors for electric vehicles, wind 'turbines, and hard disk drives. Energy Fuels is required to meet financial, legal and technical due diligence requirements as part of the conditional loan contract, according to OSC, without providing any further details. (Reporting from Mike Stone in Washington, and Nandan Mandayam at Bengaluru. Editing by Shinjini Giguli and Jan Harvey.)
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Next week, nuclear power production will be limited by high temperatures in the French River
The French utility?EDF warned Thursday that production at three nuclear reactors would be curtailed next week due to high temperatures along the Rhone and Garonne rivers. France is currently experiencing its second heatwave of this spring. The French nuclear output has been fairly consistent in recent years, as it has recovered from the lows of several previous years. However, the exceptional heatwaves that occurred at the end of spring in the northern hemisphere have increased water temperatures above levels where reactors are at risk of a?curtailment of their output. EDF, the operator of the nuclear fleet in the country, limits production at times when temperatures reach a certain threshold. This threshold varies according to the type of plant. Shallower and slower rivers are more likely to be affected. The company issued warnings about production at the Golfech, Blayais and Bugey nuclear plants located on the Rhone river in the southeast as well as on the Garonne in the southwest. It also updated an earlier warning it issued on Thursday that the Saint Alban nuclear plant, located in the Rhone region, was likely to be affected as of June 23. Next week, the heat is expected to intensify. LSEG data indicated that temperatures are expected to reach river temperature thresholds at Cruas and Tricastin nuclear plants, as well as Chooz, Nogent, and Chooz. Analysts at Engie EnergyScan predict temperatures to continue to rise next week. They expect to see temperatures close to 8 degrees Celsius (46,4 degrees Fahrenheit), a few degrees above the seasonal norms of low 30s. This will likely increase demand for cooling. Summer thermal restrictions, however, are typically small and only account for a fraction of a percent. The temperature-driven curbs may add EUR5 per megawatt hour to the prices on those days but shouldn't cause a seasonal structural increase, according to AlphaValue analyst Pierre Alexandre Ramondenc. He added that if insufficient volumes result in forced shutdowns this could lead to a 'price swing of several tens per megawatt hour on intraday peaks, and 'day-ahead pricing. This year, hydro availability has been limited due to the lack of snow and rain in autumn and winter. The result is higher power prices. Recently, the French spot 'price' has also been high for this?season as a combination of hot temperatures and low renewable output have pushed up prices. The French front-month contract has risen above EUR60/MWh recently, reflecting the market's concern over continuing heat.
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Dubai Exchange to launch gold contracts on the same day, targeting safe haven flows
Dubai's commodities market will launch a gold futures contract with same-day settlement on Monday. The CEO said that the move was to tap into safe-haven demands and a faster trading infrastructure in order to increase liquidity. Dubai Gold and Commodities Exchange, part of Dubai Multi Commodities Centre, said that shorter settlement cycles are a reflection of broader market trends towards speed and efficiency. Gold Spot T+0 Contracts have been designed for bullion dealers and refineries. They are also available to clearing members, institutional participants and brokers. The contract offers improved price certainty, as well as physical delivery via approved vaults. Ahmed Bin Sulayem, Chief executive of DMCC, said in an exclusive interview that "more than 10 years ago T+1 and T+2 was a big deal, but now everyone is talking about faster settlements, better technologies, and the exchange market as a whole." Geopolitical tensions, such as the U.S. - Iran conflict, are driving up gold trading volumes. Investors are seeking refuge in this metal. Gold's long-term investment appeal is not affected by the fact that prices have fallen from their record highs. Rather, it has been bolstered by the widening fiscal deficits and central bank purchases. Bin Sulayem stated that "we've noticed in the first two or three weeks of a war, the gold contract volume on DGCX increased." Because it is a fact that the tourism industry will be affected but not trade. "As long as airports work, traders will be there." GOLD HUB AMBITIONS As exchanges and clearinghouses upgrade their systems and adopt new technology to reduce counterparty risks and release capital more quickly, financial markets around the world are moving towards shorter settlement cycles. The global gold derivatives market offers only a limited number of options for refiners, traders, and jewelers to hedge and settle their positions immediately. Bin Sulayem stated that the new system would "serve" the gold market and give people a better option than they currently have. Dubai has long been positioned as a global hub for gold trading between Africa, Asia, and Europe. This is due to its logistic infrastructure, tax framework, and proximity to important consumer markets like India. PIPELINE The gold contract is part of an broader pipeline that the exchange is considering, which includes new currency pairs and virtual assets. "We are looking at crypto derivatives but not on the short term. He said it could be on a medium- or long-term basis. "The yuan dollar is probably the newest currency that we are looking to list." He said that historically, currency products traded on the exchange were typically linked to major commodities producers or trading centers. Reporting by Clara Denina and Pratima Dasai, Editing by Veronica Brown and Kirby Donovan
Russian nuclear chief accuses Ukraine that drone attack killed worker at Zaporizhzhia Power Plant
On 'Thursday, the head of Russia’s state nuclear corporation Rosatom accused Ukraine of killing an important?worker during a 'drone attack on a Russian-controlled Zaporizhzhia Nuclear Power Plant in southeast Ukraine.
The statement was not independently verified and there was no immediate reaction from Ukraine.
Russia took control of the plant in 2022, shortly after its forces invaded Ukraine. Both sides accuse one another of putting the safety of the nuclear power station at risk through military action.
Alexei Likhachev - the head of Rosatom - said in a press release that Ukrainian drones attacked Enerhodar, the city where the majority of station employees reside, on Wednesday.
He stated that one employee of the power 'plant working in the central repair workshop at the station had been killed and that doctors were battling for the life of another employee who was injured in the attack.
Likhachev stated that "this is the plant's core personnel, who are directly responsible for the safe operation of all equipment at Europe's biggest nuclear power 'plant". In April, Russia claimed that another worker at the plant was killed by a Ukrainian drone. Reporting and Editing by Andrew Osborn
(source: Reuters)