 An Iranian woman holds a placard bearing western brand names and writing in Farsi and English that reads "boycott Israel." |
Iran has moved to issue an executive order to clamp sweeping sanctions on all investment activities and trade with Israeli entities.
Following the heavy death toll from the 23-day Israeli assault on Gaza and with international pressure mounting on Tel Aviv, Iran made a decision on Saturday to introduce a bill banning business transactions with Israeli companies -- entities and persons.
The legislation prohibits export and import to and from the sanctioned entities, warning that illegal transaction with the firms would be subject to a double fine.
The Iranian government warned potential offenders of the newly-introduced order, saying they will face punitive measures including stiff financial penalties and denial of business licenses.
Under the new act, persons are prohibited from making investments in the occupied Palestinian territory (Israel).
The Iranian government warned potential offenders of the newly-introduced order, saying they will face punitive measures including stiff financial penalties and denial of business licenses.
Under the new act, persons are prohibited from making investments in the occupied Palestinian territory (Israel).
Criminal penalties for violations of the new transaction regulations may result in a fine of twice the amount of the investment.
The Iranian government also bans Iranian companies from using brand names and logos that may be associated with Israeli labels.
Under the legislation, these companies will be asked to change their trade names; however, natural persons violating the law will face a fine up to $5,000 and their firm may be closed down.
Earlier in January, Iran issued an order banning international companies whose shares were owned by Israeli entities from working in the country.
Iran's Minister of Industry and Mines, Ali-Akbar Mehrabian, ordered a halt in the distribution of products belonging to firms suspected of having links with Israel.
Mehrabian said the suspension would continue until a final evaluation can be made concerning the status of the shareholders of the suspected firms.
He, however, did not disclose the name of any company.
The Iranian government also bans Iranian companies from using brand names and logos that may be associated with Israeli labels.
Under the legislation, these companies will be asked to change their trade names; however, natural persons violating the law will face a fine up to $5,000 and their firm may be closed down.
Earlier in January, Iran issued an order banning international companies whose shares were owned by Israeli entities from working in the country.
Iran's Minister of Industry and Mines, Ali-Akbar Mehrabian, ordered a halt in the distribution of products belonging to firms suspected of having links with Israel.
Mehrabian said the suspension would continue until a final evaluation can be made concerning the status of the shareholders of the suspected firms.
He, however, did not disclose the name of any company.
No comments:
Post a Comment