By Amir Taheri
Further on the effects of sanctions on Iran and Nader's recent post here are some further thoughts. On the subject of banking and its difficulties, China will pick up where other banks are not comfortable issuing L/C for oil export. Alternatively, Turkey's prime minister spoke of Iran-Turkey trade today and added how he is encourging Turkish financial instituations to start doing what Dubai banks were/are doing to facilate Iran's trade with world. On the subject of oil tankers unwillingness to dock at Iranian ports, Iran currently has the fourth largest tanker company in the world, NITC. This firm can easily pick up if there is a need for it. Its capacity is such that 60% is devoted to international non-Iran locations and has recently signed deals to purchase further VLCC tankers to increase its capacity. As most of Irans non-oil exports are destined for freindly states, impact of sanctions on these export markets are mitigated. Watch for Iranian trade delegations shutteling to Asian, Latin American, and Africian states in the months to come. Key will be opening of new local Iranian banks in export target countries to by-pass sanctions focusing on the trade financing.