BREAKING NEWS

Report: China, Iran eye barter plan to bypass US sanctions

By REUTERS

JULY 25, 2011 10:47

Iran and China are discussing using a barter system to exchange Iranian oil for Chinese goods and services, as US sanctions have blocked China from paying at least $20 billion for oil, the Financial Times said.

The paper, citing people familiar with the problem, said US financial sanctions against Iran, which make it hard to conduct dollar-denominated business, meant China might owe the oil-rich country as much as $30 billion.

The people said the unpaid oil bills had built up in the past two years and the governments, which are in early-stage talks, were looking at how to "offset" the debt, the FT reported.

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