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To This Tycoon, Iran Sanctions Were Like Gold

“The sanctions have pushed Iran’s economy into chaos,” said Reza Zandi, an investigative journalist who interviewed Mr. Zanjani for a reformist weekly magazine, Aseman. “Babak Zanjani is the product of this situation, amassing enormous wealth in the process” but now under siege.

He called himself the “economic basij,” a reference to Iran’s hard-line paramilitary organization and defender of the Islamic Revolution. He drove a black Mercedes 500 SL and wore a $30,000 watch, as befits a man who put his self-worth at $13.5 billion.

Not bad for a 39-year-old who began his career in the 1980s selling sheepskins and emerged more recently as a critical actor in Iran’s effort to evade United States sanctions on its oil sales.

But it has all come tumbling down for the tycoon, Babak Zanjani, whose accounts were frozen by the United States Treasury in April and who has been blacklisted by the European Union.

Read full article by Thomas Erdbrink, New York Times


Related Article:

Iranian Tycoon Owes Iran $2 Billion

- According to Iran's oil minister, billionaire businessman Babak Zanjani owes the Iranian treasury $2 billion. Oil Minister Bijan Namdar Zanganeh told reporters yesterday that "Zanjani has not yet returned $2 billion in oil sales. He said the money has been deposited in his account, but the account has been blocked by the Americans." - 9/13/13

... Payvand News - 10/05/13 ... --

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