Conde Nast Portfolio has an angering piece this month about how US firms are skirting Iran sanctions. Here’s a bit:
“Although American companies aren’t allowed to send goods directly to Iran, the UAE does not impose the same limitations on its local distributors. Over time, that loophole has spawned what many agree is a decidedly murky trade… business is estimated to be worth billions of dollars annually, much of which goes directly to the bottom line of American companies.”
What’s sold in Iran? “Dell laptops; Apple iPods, MacBooks, and iPhones; H.P. handhelds; Palm Pilots; Kodak cameras; Microsoft software; and Western Digital hard drives… In other parts of the city are Black & Decker stores with signs in both English and Farsi and shops selling the same H.P. printers I saw in Dubai. There are pharmacies stocked with Head & Shoulders, the newest Gillette Fusion razor, and more…”
The U.S. Treasury has an enforcement division that fines companies violating sanctions. Where are the fines?