Press reports last year estimated business activities controlled by the Iranian Revolutionary Guard Council had an annual turnover of $10-12 billion © Press Association Images
Press reports last year estimated business activities controlled by the Iranian Revolutionary Guard Council had an annual turnover of $10-12 billion © Press Association Images

How will the removal of sanctions on Iran affect the supply chain?

25 January 2016

European businesses were preparing to crowd back into Iran in the wake of the lifting of EU sanctions on the Middle East’s second largest economy.

A measure of the country’s economic importance is the fact it has already announced a deal to buy 114 Airbus jets, is in talks to build an oil refinery in Spain and plans to increase oil production by one million barrels a day.

However while many firms are keen to open shop in an economy with a 2014 GDP of $406bn, Middle East specialists were warning that the effects of 10 years of international isolation would not be undone overnight. 

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