Iran

March 2008 | Ratings Update

We still believe that the ongoing dispute between the US and Iran over the latter's nuclear enrichment programme is unlikely to escalate into all-out war, in spite of the former's efforts to increase pressure on the Islamic Republic. Last month the US implemented further sanctions against Iran's banking sector, and froze any assets belonging to Future Bank, an Iranian bank in Bahrain which is two thirds owned by Bank Melli and Bank Saderat. However with the US and UN still choosing economic sanctions over military attacks, we believe that the conflict will remain at the diplomatic

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