18 June 2010 13:27 [Source: ICIS news]
SINGAPORE (ICIS news)--Pakistan’s imports of Iranian polymer cargoes could slow after the country’s banks issued a directive on Friday that bans the opening of letters of credit with Iranian state-owned banks as part of the international community’s latest efforts to halt Iran’s nuclear programme, Pakistan-based traders said.
Following the 10 June passage of additional UN sanctions against
Guidelines issued by the US Treasury Department’s Office of Foreign Assets Control have directed banks not to honour transactions with affiliates of
Petrochemical Commercial Co is the sales and marketing arm of
Traders, however, differed over the extent of the impact that UN/EU sanctions and US measures would have on
“There are several Iranian companies besides [Petrochemical Commercial Co] through whom [letters of credit] can be opened without violating the sanctions or guidelines,” said a trader.
The trader said he was aware of a letter of credit having recently been opened with a Dubai-based bank for a polymer consignment from
Another Pakistan-based trader said the sanctions would make it particularly hard for Iranian cargoes to reach their customers on time, and the delays could deter buyers from opting for consignments of Iranian-origin material over cargoes from other destinations.
The impact of sanctions on
In addition to polymers,
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