Withdrawn

"With the advent of escalating US-Iran tensions, Directorate General of Civil Aviation (DGCA) has asked Indian airlines to steer clear of airspace around Iran, Iraq, Gulf of Oman and waters of the Persian Gulf. 'In light of the tensions within the Iranian airspace, a decision to temporarily reroute flights of Air India and Air India Express overflying Iran has been taken,' says Dhananjay Kumar, Air India spokesperson. Indigo along with Air India will also reroute its flights that use Iranian airspace.The advisory came after Ukraine International Airlines B737-800 crashed near Tehran [on January 8, 2020]. The aircraft was operating flight PS752 from Tehran to Kyiv when it disappeared from radar a few minutes after departure at 0610 local time." (Business Traveller, "Indian airlines to avoid Iranian airspace," January 9, 2020)

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"The civil aviation regulator on Saturday decided to ban Indian carriers from flying over the Iranian airspace, fearing an increase in hostilities between the U.S. and Iran and to ensure safety of passengers, crew and aircraft flying the route. The decision, which will impact Air India and IndiGo, comes a day after the Federal Aviation Administration (FAA) banned U.S. carriers from flying over the Iranian airspace, days after Iran shot down an unmanned U.S. spy drone. As a result, United Airlines has suspended its direct flight from Newark to Mumbai." (The Hindu, "Indian Carriers told to skip Iranian airspace," 6/23/2019).

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"Air India Express, the low-cost unit of the South Asian nation’s flag carrier, has put on hold a plan to fly to Tehran amid renewed tensions between the U.S. and Iran after President Donald Trump imposed fresh sanctions on the Persian Gulf country. Since some of Air India Ltd.’s plane purchases were funded by the Export-Import Bank of the United States, it won’t be able to fly to places where the U.S. government imposes sanctions, K. Shyamsundar, the airline’s chief executive officer, told Rishaad Salamat in a Bloomberg Television interview in Singapore on Tuesday. The carrier may now fly to Bahrain via Doha instead, he said." ( Bloomberg News, "Trump-Iran Tensions Halt Indian Carrier's Tehran Flight Plans," 2/22/2017).

"Landesbanken no longer handle payment transactions for Iran businesses." (5/25/2018).

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LBB-INVEST is a wholly-owned subsidiary of DekaBank. (LBB-Invest Website)

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"Iranian authorities, keen to roll out the red carpet to foreign investors, are taking steps to help local firms sell bonds abroad and Western fund managers are eager to buy... Investors are eager but more than a year after international sanctions against Iran were removed in exchange for curbs on its disputed nuclear program, compliance risks may remain. 'We would be very interested,' said Lutz Roehmeyer, director at Landesbank Berlin Invest. 'We have no exposure, and that would be a great first step, but eventually we would actually like to be invested in local currency.'" (Reuters, "Iran Looks to Open Foreign Funding Sources for Local Firms," 1/12/2017).

"Poland’s Ciech Group, one of the leaders on the European chemical industry, has halted trade with Iran after the country’s top diplomat called on the EU to show “great empathy” towards US motives in reimposing sanctions on Tehran." (5/29/2018).

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In May 2017, Ciech revealed that “[i]n Q1 2017, Ciech Sarzyna received registration of a new product in Poland (Chwastox Complex) and registration of the existing plant protection chemicals in Iran, Azerbaijan, and Spain.”  (Ciech Group, “Ciech Group: Solid financial results in Q1 2017,” 17/05/2017). 

In January 2017, Ciech CEO Tomaz Grzela said that his Ciech was “interested in investments in Iran in bunkering and transporting LNG, LPG and petrochemicals.” (Central European Financial Observer, “Poland plans to expand cooperation with Iranian companies in maritime transport,” 1/24/2017). 

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A November 2016 article also stated, “National Iranian Tanker Company (NITC) and Polish company Ciech Trading SA, a subsidiary of Ciech SA are willing to sign an agreement aimed at transporting Iranian crude, LNG and petrochemicals as well as bunker of ships.”  (Poland at Sea, “Poland ready to cooperate with Iran in marine transportation,” 10/04/2017

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"Iran and Poland held negotiations in Tehran over launching a joint shipping line for transport of crude oil, petrochemical products as well as liquefied gas. A fresh round of talks was conducted in Tehran between National Iranian Tanker Company (NITC) and Poland’s Ciech Trading S.A. to establish a joint company to transport petrochemicals and liquefied gas in addition to development of bunkering industry. Tomasz Grzela, Managing Director of Ciech Trading S.A., said at the meeting that his company eyes expansion of ties with NITC in the post-JCPOA era; “accordingly, we are eager to begin joint investment in a wide variety of fields like bunkering as well as carrying of petrochemical products and liquefied natural gas (LNG).” The Polish official asserted that a joint firm will be formed by NITC and Ciech Trading S.A. in order to bolster relations." (Mehr News Agency, "Iran, Poland to establish joint shipping line," 11/22/2016).

"French reinsurer SCOR SE said on Friday it will not sign new contracts in Iran or renew existing deals because of U.S. sanctions against the country…" (July 13, 2018).

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"The Central Insurance of Iran, the industry’s regulating body and its largest reinsurer, announced on Thursday it has reached a much-anticipated agreement with France’s SCOR SE, based on which the major reinsurer will cover catastrophe excess of loss reinsurance for Iran." (October 2, 2017).

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"The insurance regulator chief also met with Victor Peignet, chief executive of the French insurer [SCOR] in London on Friday. “[SCOR] was a leading reinsurer covering major risks for Iran, including risks in petroleum and petrochemical industries,” Hemmati said... Peignet said his company is willing to start collaboration with Iran, in line with comments by the Paris government to partner with Tehran in key industries. “We are ready to start collaboration, as the leader reinsurer, in accordance with the CII framework,” he said and added that [SCOR] is ready to hold training courses for Iranian insurance managers over risk management and pricing policies. Hemmati also held talks with Munir Kabban, president of UIB Group, an international insurance and reinsurance company headquartered in London. He acknowledged the firm's efforts in training Iranian insurance experts." (Financial Tribune,  "Lloy'ds of London Eying Iran Insurance Opportunities," 11/21/2016).

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Central Insurance of IR Iran reported: "Dr. Hemmati, the President of Bimeh Markazi Iran (Central Insurance of IR Iran), had bilateral discussion on insurance with Victor Peignet, Chief Executive Officer of SCOR Global P&C SE, on Friday, 18 November 2016. Victor Peignet voiced his enthusiasm for developing business and partnership in large-scale economic projects in Iran along with training courses and workshops in wide variety of subjects such as catastrophe risks, pricing methods for insurance products, and energy insurance, all intended for the specialist and managerial positions." (Central Insurance of IR Iran, “President Hemmati Visits SCOR,” 11/18/2016).

"The company reported as potentially signing an MOU to work on the Lavan Island and Soumar oilfields. In 2018 CalPERS designated the company as under review. In 2019 CalPERS changed the designation to “being monitored” because CalPERS’ initial screening has not identified the company as having involvement in the regions and/or activities targeted by the Act. CalPERS has maintained the company in “monitor” status for 2020. CalPERS continues to monitor the company for possible changes in status relevant to the Act."

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"PGNiG has an MOU with NIOC to work on the Lavan Island and Soumar oilfields. CalSTRS has initiated the review process multiple times since 2012 but liquidated the security before completing the engagement. In 2015, CalSTRS designated PGNiG as “Being Monitored.” In 2020, CalSTRS removed PGNiG after further review of the company’s internal controls to prevent sanction violations and because it no longer held any of the company’s securities."

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In 2018 CalPERS designated PGNIG as under review. In 2019 CalPERS changed the designation to “being monitored” because CalPERS’ initial screening has not identified the company as having involvement in the activities targeted by the Act. CalPERS will continue to assess and/or monitor the company for possible changes in status relevant to the Act.
 

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CalSTRS has initiated the review process multiple times since 2012 but liquidated the security before completing the engagement. In 2015, CalSTRS designated PGNiG as “Being Monitored” and maintained that designation in 2019. 

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As of August 15, 2019, the state of Iowa removed listed PGNiG from its Iran scrutinized companies list.

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PGNiG is listed in the March 1, 2019, Report to the New Jersey Legislature Iran Divestment Act. 

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According to its website, "In connection with media speculation, PGNiG informs that it ceased its activities in the Soumar field in the Islamic Republic of Iran at the end of October 2018, due to the risks arising from reintroducing by the USA sanctions for activity in the Iranian energy sector which took place on November 4, 2018.

The company informed about such an intention in May 2018 – just like many other energy companies at that time. It is necessary to deny any media speculation suggesting that the ending of the Soumar field activity has occurred as a result of the demands of the Iranian side."

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PGNiG has an MOU with NIOC to work on the Lavan Island and Soumar oilfields. CalSTRS has initiated the review process multiple times since 2012 but liquidated the security before completing the engagement. In 2015, CalSTRS designated PGNiG as “Being Monitored” and maintained that designation in 2018.

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"Poland’s dominant gas firm PGNiG has suspended a gas project in Iran because of the risk from U.S. sanctions, the company’s deputy chief executive said. “There is not much we can do about the contract in Iran. Any moment the sanctions will be put in place and nobody wants to take a risk,” Maciej Wozniak of the state-run PGNiG told Reuters. “We can take risks when we are drilling and looking for hydrocarbons, but we will not take risks playing politics,” he said, adding the project consisted of providing technical expertise in gas extraction in Iran." (5/18/2018)

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In line with plans to develop Iran’s oil and gas fields, high-ranking officials of Poland’s state-run gas company PGNiG are expected to meet the National Iranian South Oil Company in February to finalize their ongoing negotiations to increase the recovery rate in the oilfields of Khuzestan Province, NISOC managing director said on Wednesday. “PGNiG is willing to invest in Iran’s oil and gas upstream sector and talks are underway to assign the development of an unnamed field to the company,” Bijan Alipour was also quoted as saying by Mehr News Agency. (January 12, 2017).

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In 2018 the U.S. state of Iowa listed PGNiG as an Iran restricted company rendering PGNiG ineligible for investment and/or state contracting.

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In 2017 the U.S. state of Rhode Island and South Carolina listed PGNiG as an Iran restricted company rendering PGNiG ineligible for investment and/or state contracting.

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In 2016 and 2017 Tennessee used the South Carolina list of "Entities Ineligible to Contract with the State of South Carolina or any Political Subdivision of the State per the Iran Divestment Act of 2014, S.C. Code Ann." as its list of persons it determines engage in investment activities in Iran. PGNIG was included on this list in 2016 and 2017. "Inclusion on this list would make a person ineligible to contract with the state of Tennessee, if a person ceases its engagement in investment activities in Iran, it may be removed from the list."

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"Poland's dominant gas firm PGNiG and the National Iranian Oil Company (NIOC) have signed a letter of intent regarding co-operation on exploring the Soumar oil deposit in Iran, PGNiG said in a statement on Monday." (Reuters, "Poland's PGNiG and Iran set to jointly explore Soumar oil deposit," 11/7/2016).

On three occasions between the approximate dates of October 2013 and February 2015, DAF sold or supplied 63 trucks to customers in Europe that it knew or had reason to know were ultimately intended for buyers in Iran. The transactional value of the 63 trucks was $5,426,428.(Treasury, 8/6/2019).

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Daf Trucks NV (“Daf”) was listed as a participant at the 16th International Exhibition of Transportation Urban Services & Related Industries (“ITUF”), which took place at the Tehran International Permanent Fairground from January 2-5, 2019. (ITUF 2019, “Exhibition Profile”).

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DAF Trucks in Iran has its own Facebook page.

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DAF Trucks is listed as a participating company at the 14th International Exhibition of Transportation & Urban Services & Related Industries which takes place October 27-30th, 2016 in Tehran Iran. (Participating International Companies)  

"Western insurers are slowly reaching deals with Iran as they seek to re-enter a multi-billion dollar market although the pace of business is hampered by banking restrictions ten months on from the lifting of international sanctions...European export credit agencies are guaranteeing trade finance for Western companies doing business with Iran. France's Coface has signed an agreement with Iran to guarantee trade finance on behalf of the French government. Nevertheless, major transactions were yet to be concluded due to the banking issues." (Reuters, "Cautious Western insurers rebuild business ties with Iran," 10/21/2016).

 Shipowners and charterers who are considering trading to Iran should understand that P&I cover for such trade is unlikely to remain in place where there is a risk that providing insurance risks the imposition of sanctions by the US. (“US sanctions on Iran – Announcement by President Trump on 8 May 2018,” Skuld, May 25, 2018.)

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"Western insurers are slowly reaching deals with Iran as they seek to re-enter a multi-billion dollar market although the pace of business is hampered by banking restrictions ten months on from the lifting of international sanctions...Iran is in more active talks with insurers to provide cover in a market valued at $9 billion overall last year and potentially double that in the next decade. Western companies need insurance in order to resume business with Iran. Shipping and trade credit insurance, which remove the risk of non-payment for goods, are the first types of insurance being offered...Norwegian ship insurer Skuld said it was in discussions with IRISL, while it was already insuring NITC ships." (Reuters, "Cautious Western insurers rebuild business ties with Iran," 10/21/2016).

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"The Islamic Republic of Iran Shipping Lines (IRISL) and Norway’s SKULD marine insurance company signed a memorandum of understanding (MOU) in the field of shipping insurance, IRIB news agency reported on Thursday. Based on the MOU, the Norwegian company will provide IRISL with different kinds of sea insurances and handle the complaints pertain to the insurances. SKULD will also cooperate with IRISL regarding training of personnel and upgrading knowledge and capabilities of the Iranian experts." (August 20, 2016). 

In 2020, Vodafone Group PLC was listed as a divested security on the Michigan State Retirement System list for active business operations in Iran. 

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"Vodafone Group Plc reportedly provides telecommunications services in Iran. In 2019, CalSTRS identified Vodafone Group Plc as potentially having ties to Iran and began the review process. In 2020, CalSTRS removed Vodafone Group Plc after reviewing the company’s internal controls to prevent sanction violations."

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"Vodafone presumably bowed to geopolitical trends by terminating a Partner Markets deal formed in October 2016 with Iranian service provider Dodeh Gostar ASR Novin (operating under the HiWEB brand – Vodafonewatch, #149).

Although a Group spokesperson told Vodafonewatch in October 2018 that the HiWEB arrangement remained active (Vodafonewatch, #169), it seems that the agreement came to an end shortly after.

In its latest 20-F filing with the US Securities and Exchange Commission, which again included a disclosure pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 and Section 13(r) of the Securities and Exchange Act of 1934, Vodafone said the arrangement to provide technical and commercial advice to HiWEB was terminated with effect from early-November 2018.

Vodafone revealed that no revenue was generated from the HiWEB deal in the financial year to 31 March 2019 (FY18-19). However, it did declare roaming and interconnect revenue from its relationship with mobile and fixed-line operators in Iran of €491,000 (£439,807) and €634,000 respectively, as well as €17,600 from the provision of telecoms services to nine Iranian embassies around the world." (Vodafone Watch, "Vodafone Group quietly exits Iran," 7/14/2019.)

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In 2019 Vodafone was listed on the Texas Comptroller List of Companies Engaging in Scrutinized Business Operations in Iran.  --

In its 2018 Annual Report filed with the SEC in 2019, Vodafone explains business activities in Iran. 

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"Company announced it was "monitoring the situation."  Rob Davies, “How Trump’s Iran deal exit could hit aviation, oil and car industries,” The Guardian (UK), May 9, 2018

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"In October 2016, Vodafone announced a non-equity agreement with Dodeh Gostar ASR Novin under the HiWEB Brand. HiWEB is a non-government-owned Iranian internet company and together with Vodafone, the company HiWEB plans to roll out, modernise and expand the telecommunications network and improve fixed mobile services." 

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"Vodafone Group PLC is partnering with an Iranian internet-service provider to help improve its local networks—the first big Western firm to jump into Iran after the U.S. moved earlier this month to make it easier for companies doing business in the Islamic Republic. The U.K. telecoms carrier said on Tuesday it plans to assist Iran’s HiWEB, a small, privately owned operator, in modernizing infrastructure and expanding landline and mobile internet services for personal and business customers. It didn’t disclose details, including any planned investment in the venture. It said it wouldn’t take an equity stake in the project." (The Wall Street Journal,  "Calling:Tehran Vodafone Leaps Into Iran With Internet-Service Deal"10/18/2016).

"Thai Airways International in late last week’s inventory update closed reservation for service to Iran, currently served 4 times a week. Reservation for Bangkok – Tehran Imam Khomeini route, on/after 01MAR18, is no longer available for reservation." (January 29, 2018)
 

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"Iranian president Hassan Rouhani arrived for the summit in Bangkok, marking the first Iranian presidential visit to the Southeast Asian nation... Thai Airways and Thai AirAsia X started selling direct flights between Bangkok and Tehran this year in a bid to attract wealthy tourists from the Middle East." (Reuters, "Thailand to revive Iranian economic ties through rice deals, trade," 10/10/2016).