In the airline sector, national carrier Air India Ltd. hasn't made a profit in five years and is surviving mainly on government cash handouts.

WSJ: India Blackouts Show Failure to Lure Investors

Alitalia special commissioner Augusto Fantozzi gave the green light for the sale of the ailing national air carrier, the airline's press office said Wednesday.

CNN: Alitalia sale approved

The national carrier, Iran Air, continues to operate, he adds.

BBC: Iranian oil revenues 'drop 45%' because of sanctions