18-Oct-2010 12:59 PM

Iran Air affected by new international sanctions

Iran Air stated it has been affected by international sanctions on Iran with the airline unable to refuel in most European airports (JPost/The Washington Post, 17-Oct-2010). Under a recent agreement reached in Washington on 30-Sep-2010, four of Europe's largest oil firms - Total (France), Statoil (Norway), Eni (Italy) and Royal Dutch Shell (Britain and the Netherlands) - agreed to stop investing in Iran and to avoid new activities in the country's energy sector. The US promised in return that the companies would be safeguarded from US penalties for retroactive business engagement with Iran. Due to lost contracts, all Iran Air flights departing from major European destinations such as Amsterdam, London, and Stockholm must now make refueling stops in Germany or Austria where oil companies are still supplying the carrier.

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