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India and China skirt Iran sunctions with "Junk for Oil"

April 02/2012
(polyestertime) -- Iran and its leading oil buyers, China and India, are finding ways to skirt U.S. and European Union financial sanctions on the Islamic republic by agreeing to trade oil for local currencies and goods including wheat,
soybean meal and consumer products. 

India, the second-biggest importer of Iran's oil, has set up a rupee account at a state-owned bank to settle as
much as much as 45 percent of its bill, according to Indian officials.

China, Irans largest oil customer, already settles some of its oil debts through barter, Mahmoud Bahmani, Irans central bank governor, said Feb. 28. Iran also has sought to trade oil for wheat from Pakistan and Russia, according to media reports from the two countries.
Author:Marina Ivanova
Category:General News
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