Iran says it has come up with alternative ways to repatriate export revenues

Central Bank of Iran (CBI) says these alternative routes are not susceptible to US sanctions and pressures that have been applied by Washington as part of its so-called maximum pressure campaign.

1 June 2019
ID : 22015
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Central Bank of Iran (CBI) says these alternative routes are not susceptible to US sanctions and pressures that have been applied by Washington as part of its so-called maximum pressure campaign.

Central Bank of Iran Governor Abdolnaser Hemmati talking to reporters in Tehran. IRNA

Central Bank of Iran (CBI) says it has found alternative ways to repatriate the country’s export revenues that have been blocked after the US unilaterally reimposed economic sanctions on Iran last year, choking its international banking ties.

“The US has said it’s applying maximum pressure on Iran and has tried to reduce Iran’s oil sales. However, we have found ways and procedures to repatriate our revenues that can’t be affected by any of the US moves,” CBI Governor Abdolnaser Hemmati said on Friday as he was taking part in Quds Day marches in Tehran.

Chief Iranian banker called futile “efforts by the US and its allies to bring Tehran to its knees”, saying the country’s economic situation is better than last year.

The US renewed punitive measures on Iran after it withdrew from the 2015 international treaty on Iran nuclear deal. Washington has also decided not to extend sanctions waivers for eight clients of Iranian energy in a bid to "bring Iranian oil sales to zero". 

CBI has tried to open direct financial channels with several countries that are main Iranian export destinations, such as Iraq, Turkey and China.

Hemmati had earlier said Tehran is seeking to establish more Special Purpose Vehicles (SPVs) with “friendly countries” to bypass the US unilateral sanctions.

 

 

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