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U.S. Sanctions Paralyze Imports via Iranian Ports

(Asharq Al-Awsat-UK) More than 20 ships carrying one million tons of grain, soybeans and corn are stuck outside Iranian ports as U.S. sanctions create payment problems and hamper efforts to import vital commodities, sources directly involved in the trade said. Food, medicine and other humanitarian supplies are exempt from sanctions, but the U.S. measures have deterred several foreign banks from doing any Iranian business. The few remaining lenders still processing Iranian business face multiple hurdles to facilitate payments as financing channels freeze up. "What has changed is that now the number of banks, traders that are staying away from doing business with Iran is increasing," said a senior Iranian port official.
2019-10-04 00:00:00
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