Iranians set up new companies in Turkey to evade US sanctions

[Elderberry]

American Military News December 26, 2019

Hundreds of Iranians have set up new businesses in Turkey to evade crippling US economic sanctions.

More Iranians than any other nationality registered foreign companies in Turkey in the first 10 months of this year, according to new data from the Union of Chambers and Commodity Exchanges of Turkey.

Out of 10,682 opened from January to October, more than 800 were registered by Iranian citizens — 49 publicly listed and 772 private limited companies,

“A significant number were set up to bypass US sanctions,” a leading Turkish economist told Arab News. “In that period, 821 Iranian companies were established with a total capital of only 116 million Turkish lira ($19.5 million), an insignificant sum to establish a company under normal conditions.”

“When they establish companies in Turkey, they have the chance to get around the problems they face in money transfers through European and US banks, especially if the amount is more than $10,000,” the economist said.

More: https://americanmilitarynews.com/2019/12/iranians-set-up-new-companies-in-turkey-to-evade-us-sanctions/