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Iran rial sanctions 390.(Photo by: REUTERS)
Iran sanctions constrict trade flows to Asia
By REUTERS
02/07/2012
New US sanctions authorized by President Obama complicate payment for Iranian crude, fuel oil and iron ore.
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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