News ID: 254893
Published: 0239 GMT June 26, 2019

CBI says oil exports rising despite sanctions

CBI says oil exports rising despite sanctions

Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati said on Wednesday that his country is restoring its position in the global oil market with increasing supply to its international customers through new methods.

“I said it before and I’ll say it again, they [US] have done all they could [against Iran]. We have climbed past the peak of sanctions. Our oil exports are on the rise,” Hemmati told reporters on the sidelines of a cabinet meeting, reported Fars News Agency.

“A lack of fluctuations in the foreign currencies exchange market showed that the new sanctions had no effect,” he added.

He then touched upon the EU’s trade mechanism for Iran, saying, “It’s been a while that the EU has been claiming that it is on the brink of making INSTEX operational. We haven’t seen anything in practice, though. They have held meetings with us and some documents have been exchanged, but as long as no resources are transferred via INSTEX, the mechanism is of no use to us.”

Hemmati, meanwhile, went on to add, “Without any exports to Europe, we cannot have any imports either. They won’t allow us to export to Europe right now. There needs to be a line of credit for Iran; this way, it will take less than a week for INSTEX to become operational.”

Iran’s allies and neighbors and Tehran’s strategic partnership with anti-Washington countries play an important role in the country’s plans to offset US sanctions.

On Friday, Russia signaled its willingness to secure Iran’s interests in the oil and banking sectors if Europe’s non-dollar mechanism aimed at facilitating trade with the Islamic Republic is not launched.

Russian Deputy Foreign Minister Sergei Ryabkov said on Friday that Moscow is ready to help Iran export its crude and ease restrictions on its banking system if Europe fails to launch INSTEX with Tehran.

Earlier this month, Iran’s Ambassador to Turkey Mohammad Farazmand announced that Tehran and Ankara are working on a financial mechanism channel to bypass the US unilateral sanctions in a bid to prevent bilateral trade from falling victim to trans-regional players.

Late in May, China, the top buyer of Iranian oil, dismissed Washington’s warning to Hong Kong that it could face penalties if it provides services to a vessel carrying Iranian oil headed for the autonomous territory, saying “normal energy dealings” with Tehran are in accordance with law and should be respected.


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