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Company: ABB Ltd - Switzerland
Revenue & Benefits From U.S. Government: $266.5 million
Status in Iran: Active, but no new investment
In an October 2008 filing with the Securities and Exchange Commission, ABB said it did $372 million in business with Iran from 05-07, and a smaller amount to Syria, primarily selling products like power generation equipment and semiconductors. This January, the company announced it had stopped taking orders for new business and was winding down work on existing contracts.
The Obama administration is struggling to craft a new round of U.N. sanctions against Iran that achieves more than this feel-good impact. The ambitious goal is "to cut off the revenues that fund Iran's nuclear and missile programs," says a senior administration official.
"We are going to put as tight a squeeze on Iran as we possibly can," adds a diplomat from one of the members of the U.S.-led coalition that is beginning to discuss a new sanctions resolution at the U.N Security Council. The resolution will target the Iranian Revolutionary Guard Corps (IRGC) and its vast network of companies, which the United States estimates may include up to one-third of Iran's total economy.
Venezuelan President criticized US Secretary of State’s visit to Latin America saying she regularly travels to the region in order to divide and conquer. Hugo Chavez said there is no difference between the new Secretary of State Hillary Rodham Clinton and her predecessor Condoleezza Rice.
According to Chavez the only difference is that Ms. Clinton was blond. ‘To me, she's like Condoleezza Rice ... a blond Condoleezza,’ said the Venezuelan President. Clinton who is visiting Latin America plans on gathering supports for sanctions against Iran. In Brasilia, Brazilian officials rebuffed her but she didn’t give up and continued her trip to Chile where she received a similar response.