DAR AL HARB - U.S.A.: SANCTIONS SQUEEZING IRAN?!?

U.S. Treasury official says companies reconsidering Iran dealings

WASHINGTON (MarketWatch) -- Iran's nuclear program and foreign policy - combined with resulting U.S. and U.N. sanctions - have made the international business community more wary about dealing with Iran, a top U.S. Treasury Department official said Wednesday.

"The world's top financial institutions and corporations are reevaluating their business with Iran because they are worried about the risk and their reputations," said Treasury Undersecretary for Terrorism and Financial Intelligence Stuart Levey.

"You should worry too and be especially cautious when it comes to doing business with Iran," Levey said in the prepared text of a speech to an industry conference in Dubai.

The U.S. official noted Swiss banking giant UBS AG announced last year that it would stop doing business with Iran, while other big banks such as HSBC, Standard Chartered and Commerzbank have said they will limit their exposure to Iran.

Levey said targeted financial measures against Iran have sparked debate in the country about the wisdom of the Iranian government's policies. "It is our hope that Iran will realize that the only way to return to the international fold - and protect its economy - is to reverse its self-isolating behavior," he said.

The U.S. government shares the U.N. Security Council's concerns about the potential weapons development from Iran's nuclear program. It also accuses the Iranian government of destabilizing the Middle East by supporting Hezbollah and other groups the U.S. considers terrorists.



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1) U.S. Treasury official says companies reconsidering Iran dealings