BREAKING NEWS

Fresh US sanctions to trap more Iran oil revenue

By REUTERS

DECEMBER 19, 2012 16:29

TOKYO/NEW DELHI - A little-noticed provision in US sanctions against Iran beginning in February is likely to trap payments abroad for its oil exports running into billions of dollars, sapping Tehran of revenue needed to fund the government.

A provision of the law US President Barack Obama signed last summer, which goes into effect on February 6, states that funds being used to pay for oil must remain in a bank account in the purchasing country and can be used only for non-sanctioned, bilateral trade between that country and Iran.

Any bank that repatriates the money or transfers it to a third country faces a sanction risk. This could halt most of the flow of petrodollars to Iran, given that the value of its oil exports is far higher than what it imports from its biggest customers - China, South Korea, India and Japan.

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