Iran Circumventing Sanctions via International Financial Exchanges

The CEO of Kish Free Zone Organization says Iran is bypassing sanctions via the establishment of joint banks with Russia, China and its other business partners.

According to the Public Relations and International Affairs Department of the Kish Free Zone Organization, Rahim Sarhangi, made the comments in an interview with Russia Today TV network on the sidelines of the opening ceremony of the second edition of the exhibition of investment packages ,and export capabilities of Iran’s free and special economic zones,"Iran is bypassing sanctions via the establishment of joint banks with Russia, China "and its other business partners.

“Over the past year, Russian investors have turned to Kish Free Zone as an investment destination. Given the fact that Russian tourists choose Kish for recreation due to its warm climate, designing hotels and accommodation facilities that fit the tastes and interests of Russian tourists has already started…” said Dr. Sarhangi.

He pointed out that Kish has become a hub of financial and investment technologies by facilitating international banking activities.

“One of the unique features of Kish is the establishment of the international stock exchange and cross-border banks, which has already paved the way for such activities. We have no restrictions in granting licenses to Russian banks or those jointly working with Iranian banks…” the CEO of Kish Free Zone Organization reiterated.

“Kish Free Zone Organization has already provided platforms to facilitate the investment process and eliminated excessive bureaucracy, in such a way that the investors can start their activities in the shortest possible time,” he added underscoring that KFZO welcomes investments in tourism, energy, IT and communication sectors as well as cryptocurrencies.

“Given its strategic location and proximity to 10 countries located in the south of the Persian Gulf and its access to some other countries through the waters of the Oman Sea, Kish is a desirable investment destination for knowledge-based production and exports, as well as international communications. Also, due to its natural attractions including its climate, Kish Island has been successful in attracting tourists from across the region,” said Dr. Sarhangi.

The CEO of KFZO also referred to the presence of oil and gas fields in the Persian Gulf and said Kish can be a suitable center for energy sector activists.

He invited those people interested in enjoying a “different climate, pleasant sunshine and beautiful beaches in the heart of blue waters of the Persian Gulf” to visit Kish.

The exhibition is underway in the northeastern Iranian city of Mashhad from July 18 to 22 (3-8 pm, local time).