Iran News

Although Iranian oil supplies to Syria have remained stable and a new Iranian credit line was activated in May, prices have not been curbed. The government recently increased the price of petrol by up to 127 percent, which has immediately impacted the cost of transportation and food.
President Bashar Al-Assad and his family made their first visit to the Aleppo governorate since the beginning of the 2011 conflict. They met with several economic, social, and religious figures, participated in social engagements, and visited various infrastructural projects, including the Aleppo Thermal Power Plant, which Iran's MAPNA Group recently rehabilitated.
Kiev has announced that it will cut political and economic ties with Damascus after the latter recognised Luhansk (also spelt Lugansk) and Donetsk, two Russian-backed breakaway republics in eastern Ukraine. Kiev’s decision, which includes a trade embargo, will further deteriorate relations between the two countries and impact Syria’s trade-related foreign currency inflows. 
An affiliate of the Bemo banking group is providing microfinance loans to members of a charity linked to a militia that fought during the war and to various Iranian political figures. The charity is based in the Damascus suburb of Sayyida Zeinab. Another company involved in this project is the local agent of Western Union. The move carries serious risks to the group’s reputation.
Syria’s Katerji brothers have been blacklisted by six members of the Gulf Cooperation Council – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates – in the first such known act against prominent regime-affiliated businessmen by countries of the region.
The government has increased unsubsidised oil prices, attributing the hike to “rising global oil prices” and to its effort “to narrow the wide gap with black market prices.” Damascus has also announced a new Iranian credit line for the purchase of oil supplies from Tehran.
Syrian insurance premiums increased by 80 percent last year, partly due to contracts with companies affiliated with the government and Khodr Ali Taher, one of Syria’s leading war profiteers, and to the growing stake of private-sector insurers in the sector, according to the Syrian Insurance Supervisory Commission.
The Ministry of Industry has decided to establish a Tartous Chamber of Industry, which would entail splitting the Tartous Chamber of Commerce and Industry into two. Tartous would become the fifth Syrian governorate to have separate chambers for commerce and industry.