Iran to barter oil products for food products

Iranian Vice President Mohammad Reza Rahimi ordered to barter petrochemicals for food products because of the sanctions imposed by West on Iran's banking system and difficulties in a round of payments through USD, Mehr News Agency reported.

Iran's annual petrochemical production export hits $14.2 billion.

Iranian Oil Minister Rostam Qasemi announced after the European Union members' imposed sanctions on Iranian oil purchase on Jan.23 that Iran will likely to barter oil and oil products for required essential products, including food.

The new round of EU sanctions will take effect on July.1.

Iran's foreign trade has faced serious problems when SWIFT, Brussels based clearing house, announced that it cut services to Iranian banks on foot of European sanctions, to comply with the EU Council. The denial of service includes Iran's central bank, which processes Iran's oil revenues.


/Trend/