Sace joins ECA refusals to support trade with Iran

(AKI, 11 April 2008, Rome) Ahmad Rafat - Italy's export credit agency Sace, which insures the activities of Italian enterprises in foreign markets, has stopped issuing policies to companies seeking to operate in Iran. Sace which has a scale of one to seven to measure risk, has placed Iran in the sixth position. Although Iranian president Mahmoud Ahmadinejad continues to downplay the impact of UN imposed economic sanctions, the economy of Iran has been badly affected by this international isolation. On Thursday the French oil company Total said they had decided to give up on investments in Iran. A Chinese company which won a contract for the construction of a highway in Iran, has just decided to pull out of the deal without giving any explanation.