EghtesadOnline: Russia has said it may join a European Union payment system aimed at salvaging the Iran nuclear deal if the mechanism is expanded to include oil purchases.
EghtesadOnline: Foreign natural entities are allowed to place an order for crude oil offered in Iran Energy Exchange (IRENEX), a move to facilitate foreigners’ participation in Iran’s energy market.
EghtesadOnline: The European mechanism, known as the Instrument in Support of Trade Exchange (INSTEX), to shield the country’s trade from crippling US sanctions won’t be useful if it does not allow oil sales, Iran’s oil minister said.
EghtesadOnline: President Hassan Rouhani said Iran will work hard to maintain its oil sales and increase its non-oil exports to cushion the impact of harsh US sanctions.
EghtesadOnline: Oil trade is the cornerstone of Europe’s financial mechanism to maintain business ties with Iran and the system cannot operate without covering the sale of Iranian crude, Foreign Minister Mohammed Javad Zarif said.
EghtesadOnline: Iran may resort to various ways of reducing the impact of US sanctions on its oil exports and those tactics could include secret oil shipments without trackers on tankers, bartered trades, discounts and extended credit periods on oil sales, analysts say.
EghtesadOnline: Developing electricity infrastructure and boosting power export can help minimize the country's dependence on oil sales that are vulnerable to political issues.
EghtesadOnline: President Hassan Rouhani appeared on Tuesday to threaten to disrupt oil shipments from neighboring countries if Washington presses ahead with its goal of forcing all countries to stop buying Iranian oil.