Iran smuggles in $1bn to skirt sanctions

Ankara - At least $1bn in cash has been smuggled into Iran as it seeks to avoid Western sanctions, a bigger figure than previously reported, Iranian officials and Western intelligence and diplomatic sources say.

Sanctions imposed by the West over Iran's nuclear programme have shut Tehran out of the global banking system, making it hard to obtain the US dollars it needs for international transactions.

In December, the US Treasury said the Iranian government had obtained hundreds of millions of dollars in bank notes using front companies.