(AP-ABC News) Marjorie Olster - Nearly half of Iran's monthly earnings from crude oil exports are accumulating in accounts overseas because of sanctions that restrict Tehran's access to the money, a senior U.S. official said. About $1.5 billion in crude oil revenues is piling up in restricted foreign accounts every month. New sanctions imposed in February require an already reduced pool of oil importers to pay into locked bank accounts that Iran may access only to purchase non-sanctioned goods in that country or humanitarian supplies. If importers do not comply, they face being shut out of the U.S. financial system.
2013-08-30 00:00:00Full ArticleBACK Visit the Daily Alert Archive