By John Lee.
The National Iranian Oil Company (NIOC) is reportedly resorting to barter deals as it struggles with continuing financial restrictions on its business.
Under the proposal, Iran would swap exports of crude oil for imports of refined fuel.
Banks are reluctant to process payments as U.S. rules as to what they can do are not particularly clear, said Ross Denton, a partner at Baker & McKenzie LLP.
He told Bloomberg, “Iran is open for trade” only for entities with no direct connection to the U.S.
(Source: Bloomberg Business)