Iran sanctions constrict trade flows to Asia

New US sanctions authorized by President Obama complicate payment for Iranian crude, fuel oil and iron ore.

By REUTERS
February 7, 2012 09:54
3 minute read.
Iranian rial money exchange

Iran rial sanctions 390. (photo credit: REUTERS)

 
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BEIJING - Trade between Asia and Iran is likely to slow as new US sanctions make payments more difficult, traders said on Tuesday, although the more determined can still find a route through Middle Eastern intermediaries.

On Sunday, US President Barack


But Iranian crude is still an important source for Asian buyers, making up roughly one-tenth of imports into India, China, Japan, and South Korea.
China cut its purchases of Iranian crude oil to half last year's volume due to a dispute over pricing and payment terms. Iran wants Chinese buyers to pay within a shorter period - possibly a sign of its need for currency.

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