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Iranian firms feel the heat as sanctions bite - -

By Fredrik Dahl & Edmund Blair

Iranian firms feel the heat as sanctions bite

By Fredrik Dahl and Edmund Blair Wed Sep 26, 2007

TEHRAN (Reuters) - When a Western bank suddenly suspended the account of her family freight firm, Nazila Noebashari revived a financial practice she thought long gone: she sent staff to the Afghan border to collect $50,000 by hand.

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With foreign banks increasingly closing down business with Iranian customers in the face of U.S.-led sanctions, such physical transactions are the only way Traf Co Ltd and many other firms in



    
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