BREAKING NEWS

Cargill says still supplying Iran with grain

By REUTERS

FEBRUARY 8, 2012 17:54

GENEVA - US agribusiness giant Cargill is still sending grain to Iran, its vice chairman said on Wednesday, despite signs the Islamic Republic is struggling to process payments following US sanctions designed to punish Tehran over its nuclear program.

"Like all the international companies, we do business there, but you have to be very careful," Paul Conway told Reuters in an interview. "At the moment you just have to be very careful and do it somewhat piecemeal."

Asked if shipments were still possible, he said: "Yes, it's standard methods, in terms of finding banks that will open LCs (letters of credit) and pay you in currencies other than the dollar. Yen, or euros or whatever."

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