Russian carmaker Avtovas is reportedly to cut 8000 jobs. Western sanctions and a drop in sales have put pressure on the brand over the last few years.
A new framework to allow sanctions over chemical weapon use could see restrictions placed on Russia over the poisoning of former spy Sergei Skripal. Potential sanctions could involve travel bans and asset freezes.
India and Russia have announced a major arms deal, violating US sanctions. Energy sector sources also say New Delhi will purchase 9 million barrels of Iranian oil. Both moves will test India's relations with the US.
EU officials have expressed optimism that the new framework will allow firms to keep doing business with Iran. Businesses have already pulled out and the Iranian rial has plummeted as the threat of US sanctions looms.
As sanctions fears kick in, Tehran has unveiled plans to roll out new Islamic financial products to boost funding for domestic firms. But Iran is split on whether international or domestic financing is the way to go.
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