AzSamand was an automobile factory belonging to Evsen Group Company located in Şamaxı , Azerbaijan .
69-571: The project opened in October 2005, with the support of the Government of Azerbaijan. The automobiles branded "Aziz" have the "AzSamand" label and "Aziz" means "Azərbaycan inamla zirvələrə", that is "Azerbaijan confidently at the top". AzSamand works with Iran Khodro and also was planning to produce cars with diesel engines. In May 2010, both groups submitted designs for the engine. This article relating to an automotive factory or manufacturer facility
138-483: A Diesel Particulate Filters (DPF) as well as a new Exhaust Gas Recirculation ( EGR ). The 1.5-liter turbodiesel uses advanced technology to deliver strong power and torque of 300Nm. Iran Khodro has designed the EF4 & EFD itself. IKCO 3FX engine family is a series of straight-three cylinder engines in development by IKCO to be used on class A to class C vehicles. SAPCO' had been established in 1993 to manage
207-733: A trade embargo . The sanctions were lifted in January 1981 as part of the Algiers Accords , which was a negotiated settlement of the hostages' release . While the Iran–Iraq War , which began in September 1980, was in progress, in 1984, United States sanctions prohibited weapon sales and all U.S. assistance to Iran. In September 1987, following the discovery of a possible minefield in the Strait of Hormuz, Secretary of Defense Caspar Weinberger called for
276-575: A U.S. official stated that the United States will sanction whoever deals with Iran or purchases its oil. Also in September 2019, in response to a suspected Iranian attack on key Saudi Arabian oil facilities, Trump said that he directed the Treasury Department to "substantially increase" sanctions on Iran. The new sanctions targeted the Iranian national bank. A senior Trump administration official said
345-664: A UN arms embargo against Iran, but Weinberger's call was not realized at the time. In 1995, in response to the Iranian nuclear program and Iranian support of terrorist organisations , including Hezbollah , Hamas , and Palestinian Islamic Jihad , U.S. President Bill Clinton issued several executive orders with respect to Iran. Executive Order 12957 of 15 March 1995, banned U.S. investment in Iran's energy sector, and Executive Order 12959 of 6 May 1995, banned U.S. trade with and investment in Iran. The Iran and Libya Sanctions Act (ILSA)
414-491: A cheering section to validate our moral compass." Under the terms agreed in the Iran nuclear deal framework , the UN arms embargo expired on 18 October 2020, following which Iran was permitted to purchase foreign weapons and military equipment. A U.S. attempt to extend UN sanctions against Iran under a JCPoA "snapback" provision was opposed by 13 Security Council members, who argued that
483-497: A failure, U.S. senators cited them as a reason to enforce stronger economic sanctions on Iran. On 2 April 2015, the P5+1 and Iran, meeting in Lausanne , Switzerland, reached a provisional agreement on a framework that, once finalized and implemented, would lift most of the sanctions in exchange for limits on Iran's nuclear programs extending for at least ten years. The final agreement,
552-588: A law that would pre-empt the EU ban by cutting off shipments to Europe immediately, before European countries could arrange alternate supplies. On 12 April 2021, the European Union sanctioned eight Iranian militia commanders and security officials over human right abuses. In September 2023, it was announced that certain sanctions imposed by France, Germany and the UK on Iran would be retained. These sanctions were due to be lifted
621-1017: A long-term relationship with European and Asian manufacturers including PSA Peugeot Citroën , manufacturing and assembling a number of models under license from these firms. In 2009, Peugeot 206, Peugeot Pars, Peugeot 405, Peugeot Roa, and Samand sedans were IKCO's export-bound cars sent to Azerbaijan, Iraq, Armenia, Uzbekistan, Turkmenistan, Syria and Afghanistan. As at 2012, IKCO products incorporate 5-10 percent of components imported from France . IKCO's parts imports from Peugeot accounted for 700-800 million euros ($ 572–654 million) per year. Iran has reached 98% of self-sufficiency in producing Peugeot 405 parts and 75% in Peugeot 206 parts. By ending year 2012, Peugeot cuts its relations with Iran Khodro due to international sanctions against Iran . Four years later, in 2016, after reaching Joint Comprehensive Plan of Action between Iran and E3+3 , Iran Khodro and Peugeot decided to make 50%-50% joint venture named IKAP to start
690-592: A new sanctions regime for Iran, which will expand the United Kingdom's powers to sanction decision-makers in Tehran to include those allegedly involved in weapons proliferation. This decision could be motivated a number of different factors, such as Iran recently being accepted as a full member of the Shanghai Cooperation Organisation (SCO). On 18 November 2024, the UK imposed sanctions on Iran Air and
759-578: A number of international sanctions against Iran imposed by a number of countries, especially the United States , and international entities. Iran was the most sanctioned country in the world until it was surpassed by Russia , following Russia's invasion of neighboring Ukraine in February 2022. The first sanctions were imposed by the United States in November 1979, after a group of radical students seized
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#1733085826018828-700: A whole had nearly halved its Iranian imports), though some Iranian politicians called for an immediate sales halt to all EU states, so as to hurt countries like Greece, Spain and Italy who were yet to find alternative sources. On 17 March 2012, all Iranian banks identified as institutions in breach of EU sanctions were disconnected from the SWIFT , the world's hub of electronic financial transactions. On 10 November 2018 Gottfried Leibbrandt, chief executive of SWIFT said in Belgium that some banks in Iran would be disconnected from this financial messaging service. One side effect of
897-498: A €70 million, 36-month contract with Iran's biggest car producer, Iran Khodro Group on for the development of four new models and to give the carmaker a second wind in research and development of new models. The agreement will help develop a modular automotive platform for four different vehicles, and the first passenger car of the medium segment of the market, a press release from the Italian firm said. IKCO has 12 production site around
966-578: Is "not in a position to take further action" on US's request, citing a lack of consensus in the Security Council on the US strategy as the main reason. On 20 September 2020, the US asserted that UN sanctions against Iran were back in place, a claim that was rejected by Iran and the other remaining parties to the JCPOA. The next day, the United States imposed sanctions on Iranian defence officials, nuclear scientists,
1035-793: Is a stub . You can help Misplaced Pages by expanding it . This Azerbaijani corporation or company article is a stub . You can help Misplaced Pages by expanding it . Iran Khodro Iran Khodro ( Persian : ایرانخودرو , Irân Xodro ), branded as IKCO , is an Iranian automaker headquartered in Tehran . IKCO was founded in 1962 as Iran National ( ایران ناسیونال , Irân Nâsionâl ). The public company manufactures vehicles, including Samand , Peugeot and Renault cars, and trucks, minibuses and buses. As of 2009, it produced 688,000 passenger cars per year. The word khodro ( خودرو ) means "automobile" in Persian , hence Iran Khodro means "Iran Automobile". Iran Khodro
1104-550: Is cooperating with Suzuki . Producing Suzuki Grand Vitara in IKCO's Site in Khorasan, IKCO will produce Suzuki Kizashi. In 2012, IKCO announced that at least 3% of the company's sales will be allocated to research and development. As of 2015, the company's 7-year strategic plans for product development are in body design, die making, suspension, powertrain, trim and car electronics. In 2017, Italian car design firm ' Pininfarina ' signed
1173-558: Is jointly held by Iran's Industrial Development and Renovation Organization , IKCO and Saipa . The agreement to form this joint venture was signed in March 2004. IKCO also manufactures trucks, buses and E-Class passenger cars under license from Mercedes-Benz . In a joint-venture with Daimler AG , Iran Khodro is to start production of sophisticated 900-class Mercedes-Benz engines ; Daimler states that Iranian-made engines will be exported to Germany . Among Asian automotive manufacturers, IKCO
1242-537: The Arms Control Association , the international arms embargo against Iran is slowly reducing Iran's military capabilities, largely due to its dependence on Russian and Chinese military assistance. The only substitute is to find compensatory measures requiring more time and money, and which are less effective. According to at least one analyst (Fareed Zakaria), the market for imports in Iran is dominated by state enterprises and state-friendly enterprises, because
1311-596: The Council of the European Union , and the council's subsequent ruling, the SWIFT electronic banking network, the world hub of electronic financial transactions, disconnected all Iranian banks from its international network that had been identified as institutions in breach of current EU sanctions, and that further Iranian financial institutions could be disconnected from its network. The European Union has imposed restrictions on cooperation with Iran in foreign trade, financial services, energy sectors and technologies, and banned
1380-872: The EU sanctions, in particular, as "tough, even brutal." Iranian foreign minister Ali Akhbar Salehi conceded that the sanctions are having an impact. China has become Iran's largest remaining trading partner. Sanctions have reduced Iran's access to products needed for the oil and energy sectors, have prompted many oil companies to withdraw from Iran, and have also caused a decline in oil production due to reduced access to technologies needed to improve their efficiency. According to Undersecretary of State William J. Burns , Iran may be annually losing as much as $ 60 billion in energy investment. Many international companies have also been reluctant to do business with Iran for fear of losing access to larger Western markets. [Naseem, M(2017) International Energy Law].As well as restricting export markets,
1449-536: The Islamic Revolutionary Guard Corps (IRGC). It encompassed banking and insurance transactions (including with the Central Bank of Iran ), shipping , web-hosting services for commercial endeavors, and domain name registration services. Subsequent UN Resolutions have expanded sanctions against Iran. Over the years, sanctions have taken a serious toll on Iran's economy and people. Since 1979,
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#17330858260181518-597: The Joint Comprehensive Plan of Action , was adopted on 18 October 2015. As a result, UN sanctions were lifted on 16 January 2016. On 8 May 2018, U.S. President Donald Trump announced that the United States would withdraw from the Iran nuclear deal . Sanctions by the United States were reinstated in November 2018, and expanded in 2019 and 2020 to cover Iran's financial sector. Temporary waivers were granted to some countries to continue importing reduced amounts of oil from Iran until 2019. On 21 February 2020, Iran
1587-709: The Strait of Hormuz should the embargo be enacted. At the time, the European Union accounted for 20% of Iran's oil exports, with the majority of the remaining being exported to Asian countries such as China , Japan , India , and South Korea . In response to the sanctions, Ramin Mehmanparast , representative for Iran's foreign ministry, stated that the embargo would not significantly affect Iranian oil revenues. He further said that "any country that deprives itself from Iran's energy market, will soon see that it has been replaced by others." In addition, Iran's parliament considered
1656-594: The Strait of Hormuz . In August 2018, EU High Representative Mogherini, speaking at a briefing with New Zealand's Foreign Minister Winston Peters , challenged U.S. sanctions on Iran, stating that the EU are encouraging small and medium size enterprises in particular to increase business with and in Iran as part of something that is for the EU a "Security Priority". In September 2019, the US government announced, unilaterally, that it would begin to sanction certain Chinese entities that imported oil from Iran. On 14 August 2020,
1725-474: The U.S. left the agreement with Iran in 2018. EU–Iran relations have been strained in the early 2010s by the dispute over the Iranian nuclear program . The European Union along with United States have imposed sanctions against Iran over the controversies around Iranian nuclear program . These sanctions which have been described as the toughest EU sanctions imposed against any other country by European officials were last strengthened on 15 October 2012 within by
1794-592: The United Nations Security Council rejected a resolution proposed by the United States to extend the global arms embargo on Iran, which was set to expire on 18 October 2020. The Dominican Republic joined the United States in voting for the resolution, short of the minimum nine "yes" votes required for adoption. Eleven members of the Security Council, including France , Germany , and the United Kingdom , abstained while Russia and China voted against
1863-614: The 1 million mark in 2005. Iran Khodro is one of the largest car manufacturers in Asia . It has established joint-ventures with foreign partners on 4 continents. For more than three decades, Iran Khodro produced the Paykan , a car developed from the Rootes Group 's Rootes Arrow range, best known as the Hillman Hunter . Paykan saloon car production was discontinued in 2005, almost thirty years after
1932-531: The American Embassy in Tehran and took hostages . These sanctions were lifted in January 1981 after the hostages were released, but they were reimposed by the United States in 1987 in response to Iran's actions from 1981 to 1987 against the U.S. and vessels of other countries in the Persian Gulf and US claims of Iranian support for terrorism . The sanctions were expanded in 1995 to include firms dealing with
2001-589: The Atomic Energy Agency of Iran and anyone who engaged in conventional arms deals with Iran. On 8 October 2020, the US imposed further sanctions on Iran's financial sector, targeting 18 Iranian banks. In February 2023, Deutsche Welle , during a report on the increase in Iran's oil exports, claimed that pressuring Iran has diplomatic costs for Washington and will ultimately lead to an increase in oil prices. In July 2023, British Foreign Secretary James Cleverly announced that his government had decided to create
2070-540: The EU Council. On 23 January 2012, the Council of the European Union released a report in which it restated its concerns about the growth and nature of Iran's nuclear programme. As a result, the council announced that it would levy an embargo on Iranian oil exports. Further, it stated that it would also freeze assets held by the Central Bank of Iran and forestall the trading of precious metals and petrochemicals to and from
2139-529: The European court to challenge those sanctions. U.S. and EU leaders are trying to tighten restrictions on business with Iran, which produced 3.55 million barrels of crude a day in January, 11 percent of OPEC's total, according to data compiled by Bloomberg. The sanctions bring difficulties to Iran's $ 483 billion, oil-dominated economy. Data published by the Iranian Central Bank show a declining trend in
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2208-521: The IAEA reported "serious concerns regarding possible military dimensions to Iran's nuclear programme" and indications that "some activities may still be ongoing." The United States said the sanctions were not made to topple the Iranian government, but convince it to change several of its policies. The European Union 's General Court overturned EU sanctions against two of Iran's biggest banks, Bank Saderat and Bank Mellat . The two banks had filed suit with
2277-610: The Iranian government. In response to the deteriorating human rights situation in Iran, the EU has also adopted Council Regulation (EU) No 359/2011 of 12 April 2011. This regulation has been amended by Council Regulation (EU) No 264/2012, which includes the Annex III list of equipment that might be used for internal repression and related services (e.g. financial, technical, brokering) and internet monitoring and telecommunications equipment and related services. The BBC , in answering "Why are there sanctions?" wrote in 2015: In November 2011
2346-486: The Iranian government. The third sanctions were imposed in December 2006 pursuant to United Nations Security Council Resolution 1737 after Iran refused to comply with United Nations Security Council Resolution 1696 , which demanded that Iran halt its uranium enrichment program. Initially, U.S. sanctions targeted investments in oil, gas, and petrochemicals , exports of refined petroleum products, and business dealings with
2415-446: The Iranian public. In January 2012, the country raised the interest rate on bank deposits by up to 6 percentage points in order to curtail the rial's depreciation. The rate increase was a setback for Ahmadinejad, who had been using below-inflation rates to provide cheap loans to the poor, though naturally Iranian bankers were delighted by the increase. Not long after, and just a few days after Iran's economic minister declared that "there
2484-598: The Islamic Republic of Iran Shipping Lines (IRISL) in response to Iran's role in supplying ballistic missiles to Russia. These sanctions, which include an asset freeze, target both entities for their involvement in providing weapons to Russia for its ongoing war against Ukraine. David Lammy condemned Iran’s actions, describing them as a threat to global security, and reiterated calls for Iran to halt its support for Russia's invasion. The sanctions also restricted Iran Air's ability to operate direct commercial flights to and from
2553-583: The Security Council's demand that Iran suspend all enrichment-related and reprocessing activities. Sanctions will be lifted when Iran meets those demands and fulfills the requirements of the IAEA Board of Governors. Most UN sanctions were lifted on 16 January 2016, following the Joint Comprehensive Plan of Action. The UN sanctions against Iran do not include oil exports from Iran. As of 2019, an estimated one third of all oil traded at sea passes through
2622-519: The U.S. withdrawal, the EU enacted an updated blocking statute on 7 August 2018 to nullify US sanctions on countries trading with Iran. The fourth set of sanctions by the United States came into effect in November 2018; the White House said that the purpose of the sanctions was not regime change , but to make Iran to change its regional policies, stop its support for regional militant groups and end its ballistic missile programme . In September 2019,
2691-536: The UK. The UN Security Council passed a number of resolutions imposing sanctions on Iran, following the report by the International Atomic Energy Agency Board of Governors regarding Iran's non-compliance with its safeguards agreement and the Board's finding that Iran's nuclear activities raised questions within the competency of the Security Council. Sanctions were first imposed when Iran rejected
2760-447: The United States has led international efforts to use sanctions to influence Iran's policies, including Iran's uranium enrichment program, which Western governments fear is intended for developing the capability to produce nuclear weapons . Iran counters that its nuclear program is for civilian purposes, including generating electricity and medical purposes. When nuclear talks between Iran and Western governments were stalled and seen as
2829-414: The black-market by offering rates 2% below the alleged black-market rates, but demand seems to be outweighing their efforts. Sanctions tightened further when major supertanker companies said they would stop loading Iranian cargo. Prior attempts to reduce Iran's oil income failed because many vessels are often managed by companies outside the United States and the EU; however, EU actions in January extended
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2898-448: The country. This replaces and updates the previous Council Regulation 423/2007 that was published on 27 July 2010. The new sanctions put restrictions on foreign trade, financial services, energy sectors and technologies and includes a ban on the provision of insurance and reinsurance by EU insurers to the State of Iran and Iranian owned companies. Iran has since declared its intentions to close
2967-492: The door to its receiving treatment as a normal non-nuclear-weapon state under The Nonproliferation Treaty and sanctions being lifted. The website of the U.K. government states: On 16 October 2012, the EU adopted a further set of restrictive measures against Iran as announced in Council Decision 2012/635/CFSP. These measures are targeted at Iran's nuclear and ballistic programmes and the revenues made from these programmes by
3036-662: The end of Arrow production (latterly as the Chrysler Hunter) in Britain . A pick-up version was still in production until 2015. Bardo Pick-up, pick-up version of Paykan, will be replaced by a new pick-up called the Arisun which is related to the Samand . Iranian-designed IKCO Samand , replaces the dated Paykan as Iran's "national car", and features a part-Iranian designed CNG/petrol dual-fuel engine in its Soren variant. The firm has
3105-535: The following month under the JCPOA, but a decision was made to retain them in order to deter Tehran from selling drones and missiles to Russia. In May 2024, the European Union expanded the scope its sanctions regime against Iran, this time banning EU sales of components for missiles in addition to unmanned aerial vehicles , which were covered by a sanctions framework adopted in July 2023. On 17 March 2012, following agreement two days earlier between all 27 member states of
3174-654: The globe, 6 sites in within Iran's borders and 6 further sites in IKCO's main export markets. Domestic plants: Foreign sites: Russia, Syria, Turkey, Iraq, Azerbaijan, Ukraine, Egypt, Algeria and Bulgaria are among the most important target markets for the group. Export opportunities are restricted to relatively low volumes with $ 60 million worth of cars exported in 2007. By this Iran Khodro has ranked as 24th company among 100 top companies in Islamic world in year 2008. The Company has exported about 35,000 cars in year 2009. The company exported 40,000 units in 2010, including 30% of
3243-632: The international community's concerns about its nuclear program. Acting both through the United Nations Security Council and regional or national authorities, the United States, the member states of the European Union, Japan, the Republic of Korea, Canada, Australia, Norway, Switzerland, and others have put in place a strong, inter-locking matrix of sanctions measures relating to Iran's nuclear, missile, energy, shipping, transportation, and financial sectors. These measures are designed: (1) to block
3312-505: The needed spare parts were globally outsourced and ISACO aims to reduce this amount to 23 percent. Iraq, Belarus, Russia, Ukraine, Venezuela, Senegal, Algeria and Tunisia are the main target markets for ISACO. IPCO was established in 1998. The main activity of this engineering services company is in the field of power train including design and development, testing, adjusting, product engineering, and quality assurance processes in mass production and design production. This subsidiary of IKCO
3381-670: The new sanctions targeted the financial assets of the Supreme leader's inner circle. However, according to the New York Times, Tehran has disclaimed playing any part in the attacks that affected the Saudi oil facilities. On 25 August 2020, the United Nations Security Council blocked the effort of the US to re-impose snapback sanctions on Iran. The President of the UN Security Council , Indonesia 's ambassador Dian Triansyah Djani , stated he
3450-428: The provision of insurance and reinsurance by insurers in member states to Iran and Iranian-owned companies. On 23 January 2012, the EU agreed to an oil embargo on Iran, effective from July, and to freeze the assets of Iran's central bank. The next month, Iran symbolically pre-empted the embargo by ceasing sales to Britain and France (both countries had already almost eliminated their reliance on Iranian oil, and Europe as
3519-570: The public in 2008 is EF7 which is currently powering Samand LX car in Iran. EF7 turbocharged engines were initially shown to the public in mid-2009 and will be installed on Soren ELX by last 2010. Other EF series engines named EF4 & EFD (Diesel) engines design are finished and they are being tested for mass production by Iran Khodro. In November 2009, Iran Khodro unveiled its new "national diesel engine " with fuel consumption of 5 liters per 100 kilometers in combined cycle. The engine has achieved emission standard of Euro 5, featuring
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#17330858260183588-441: The purpose of the identification of investment opportunities, analysis and evaluation of the stock market and creating income for shareholders. IRICO was established by Iran Khodro Investment Development Company in 2003 to manufacture railway rolling stock. IRICO produces metro wagon, rail bus, light rail vehicle and monorails. In March 2011, Tose-e-Tarabar Raili Iranian Co. acquired RICO from Iran Khodro. Iran Khodro Diesel Company
3657-421: The relations again. Renault Pars is in charge of the engineering, quality control, parts supply, logistics, managing sales policies as well as marketing and customer services for Renault products in Iran and IKCO is one of its main shareholders that produces Tondar for the domestic market. Renault Pars is a joint venture, 51 percent of which belongs to Renault of France. Forty-nine percent of Renault Pars' shares
3726-498: The resolution. Speaking about the US desire to restore UN sanctions against Iran and extend an embargo to arms sales to the country in 2020, US Ambassador to the United Nations Kelly Craft said: "History is replete of tragedies of appeasing regimes such as this one, that for decades have kept its own people under its thumb. The Trump administration has no fear in standing in limited company on this matter, in light of
3795-434: The sanctions have reduced Iran's oil income by increasing the costs of repatriating revenues in complicated ways that sidestep the sanctions; Iranian analysts estimate the budget deficit for the 2011–2012 fiscal year, which in Iran ends in late March, at between $ 30bn to $ 50bn. The effects of U.S. sanctions include expensive basic goods for Iranian citizens, and an aging and increasingly unsafe civil aircraft fleet. According to
3864-552: The sanctions is that the global shipping insurers based in London are unable to provide cover for items as far afield as Japanese shipments of Iranian liquefied petroleum gas to South Korea. In 2012, the U.S. Department of State stated: In response to Iran's continued illicit nuclear activities, the United States and other countries have imposed unprecedented sanctions to censure Iran and prevent its further progress in prohibited nuclear activities, as well as to persuade Tehran to address
3933-482: The share of Iranian exports from oil-products (2006–2007: 84.9%, 2007–2008: 86.5%, 2008–2009: 85.5%, 2009–2010: 79.8%, 2010–2011 (first three quarters): 78.9%). The sanctions have had a substantial adverse effect on the Iranian nuclear program by making it harder to acquire specialized materials and equipment needed for the program. The social and economic effects of sanctions have also been severe, with even those who doubt their efficacy, such as John Bolton , describing
4002-423: The supplying chain of automotive parts in IKCO. IKCO Spare Parts and After-Sale Services Co. (ISACO) was founded in 1977. ISACO is providing after-sale services and supplying spare parts for IKCO products throughout the country. ISACO Kish, is one of the subordinate companies of ISACO which is assigned with the task of supplying after-sale services to IKCO vehicles in the international markets. In 2011, 37 percent of
4071-418: The total production of its Samand model. IKCO intends to export 9% of its output in 2011, amounting to 75,000 vehicles, before reaching 16% in exports by 2014. The following table shows the cars that have been specially designed and built by IKCO: Iran Khodro started to design a new range of engines for its products in 2007 in a joint with F.E.V of Germany . The first EF series engine officially shown to
4140-540: The transfer of weapons, components, technology, and dual-use items to Iran's prohibited nuclear and missile programs; (2) to target select sectors of the Iranian economy relevant to its proliferation activities; and (3) to induce Iran to engage constructively, through discussions with the United States, China, France, Germany, the United Kingdom, and Russia in the "E3+3 process," to fulfill its nonproliferation obligations. These nations have made clear that Iran's full compliance with its international nuclear obligations would open
4209-596: The unmistakable truth guiding our actions. I only regret that other members of this [Security Council] have lost their way, and now find themselves standing in the company of terrorists." She also wrote a September 20, 2020, letter to the President of the UN Security Council, pressing her point on sanctions. Speaking at the US State Department in September 2020, she said: "As we have in the past, we will stand alone to protect peace and security at all times. We don't need
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#17330858260184278-482: The value of the rial afloat in the midst of the late 2012 decline by pumping petrodollars into the system to allow the rial to compete against the US dollar. Efforts to control inflation rates were set forth by the government through a three-tiered-multiple-exchange-rate; this effect has failed to prevent the rise in cost of basic goods, simultaneously adding to the public's reliance on the Iranian black-market exchange rate network. Government officials attempted to stifle
4347-415: The way to get around the sanctions is smuggling, and smuggling requires strong connections with the government. This has weakened Iranian civil society and strengthened the state. The value of the Iranian rial has plunged since autumn 2011, it is reported to have devalued up to 80%, falling 10% immediately after the imposition of the EU oil embargo since early October 2012, causing widespread panic among
4416-585: Was established initially under the name of Khawar Industrial Group in early 1966. In 1999 Iran Khodro Company merged its bus and midi-bus production lines with Khawar Industrial Group truck production lines together and the new company Iran Khodro Diesel, public joint stock was established to manufacture different types of commercial vehicles for domestic and overseas markets. Iran Khodro Diesel Company exports its products to many countries. [REDACTED] Media related to Iran Khodro at Wikimedia Commons International sanctions against Iran There have been
4485-514: Was found with name "Ghateh Sazan-e Mojarab" in 1997 with the aim of creating cutting-edge has been changed to TAM Co. in 1998. The company has designed and completed projects of the SAMAND production line in Syria, Venezuela and Senegal without help of foreign companies. In 2012, TAM won Iran's "Most Admired Knowledge Enterprise (MAKE)" award. Samand Investment Co. was established as a Corporation in 2004 with
4554-895: Was founded on August 29, 1962. Iran Khodro Industrial Group (IKCO) is a public joint stock company with the objective of creation and management of factories to manufacture various types of vehicles and parts as well as selling and exporting them. The company has become the largest vehicle manufacturer in the Middle East , Central Asia and North Africa . In Iran, it is the largest vehicle manufacturing company, having an average share of 65 percent of domestic vehicle production. Iran Khodro produced 556,442 passenger cars and commercial vehicles in 2023 and has planned to produce 600,000 units in 2024. Iran Khodro has qualified for ISO 9001 from RW-TUV , Germany , as well as many other health, safety, and environment certificates including ISO 14001 and OHSAS 18001 . Iran's automobile production crossed
4623-453: Was no economic justification" for devaluing the currency because Iran's foreign exchange reserves were "not only good, but the extra oil revenues are unprecedented," the country announced its intention to devalue by about 8.5 percent against the U.S. dollar, set a new exchange rate and vowed to reduce the black market's influence (presumably booming because of the lack of confidence in the rial). The Iranian Central Bank desperately tried to keep
4692-565: Was placed on the FATF blacklist . The UN arms embargo on Iran expired on 18 October 2020, as agreed in Iran's 2015 nuclear deal , allowing Iran to import foreign military equipment. The United States sanctions against Iran were imposed in November 1979 after radical students seized the American Embassy in Tehran and took hostages . The sanctions were imposed by Executive Order 12170 , which included freezing about $ 8.1 billion in Iranian assets, including bank deposits, gold and other properties, and
4761-546: Was signed on 5 August 1996 (H.R. 3107, P.L. 104–172). (ILSA was renamed in 2006 the Iran Sanctions Act (ISA) when the sanctions against Libya were terminated. ) On 31 July 2013, members of the United States House of Representatives voted 400 to 20 in favor of toughened sanctions. On 8 May 2018, U.S. President Donald Trump announced that the United States would withdraw from the Iran nuclear deal . Following
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