November 28, 2011
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25.07.2011

China, Iran Discuss Barter for Oil to Avoid U.S. Sanctions

Authorities in China and Iran are negotiating to organize deliveries of Chinese goods in return for Iranian crude, The Financial Times reports. This sides apparently hope this type of "oil barter" can help them avoid U.S. sanctions against Iran.

In 2010, the UN imposed sanctions on Iran, justifying the move in response to Teheran's alleged development of nuclear weapons under the guise of a peaceful nuclear power program.

Authorities in the EU and the U.S. used the sanctions to limit cooperation with the country in the oil and gas industry.

According to FT, China has accrued a debt of at least $20 million over the past two years for imported Iranian oil.

Copyright 2011, Oil and Gas Information Agency. All rights reserved.

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