News ID: 217782
Published: 0312 GMT July 04, 2018

Iran ready to resume barter payments for oil: MP

Iran ready to resume barter payments for oil: MP

Iran is open to resuming barter payments for oil as US sanctions threaten its access to the global financial system, reviving a method used during sanctions time earlier this decade.

OPEC's third-largest producer is unable to bring in dollars or euros in exchange for crude because of 'banking problems', said Asadollah Qarekhani, the spokesman for Parliament's Energy Commission, ILNA reported.

It will accept as payment goods including medical equipment and agricultural products. "We have informed our oil customers that we will only buy their commodities if they buy our crude," Qarekhani said.

Iran resorted to barter during the last round of US sanctions that were in place from 2012 to 2016. At that time, the sanctions restricted the amount of oil consumers could buy from Iran and used financial constraints to keep payment for the crude in escrow accounts in the purchasing country.

In 2016, after sanctions were eased, Iran continued to swap crude for refined products it needed for domestic transport.

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