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Official: Iran, China Resolve Banking Problems for Oil Payments

28 November 2018 15:23

Head of Iran-China Chamber of Commerce Asadollah Asgaroladi announced on Wednesday that the problems related to Beijing’s payment for crude purchased from Tehran have been resolved.

“A Chinese bank will start its banking exchanges with the Iranian side on December 2,” Asgaroladi said.

He added that oil sales to China will start next week and its money will be paid to Iran within a month, noting, “The Chinese side is due to introduce its second bank for exchanges with the Iranian side in a month.”

Iranian officials have in many cases reassured that the vow to cut Iran’s oil revenues to zero with the help of sanctions is the US wild dream never to come true. Both the Iranian government and parliament have taken preparatory measures to minimize the negative effects to the lowest degree.

Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati announced earlier this month that the country had found ways to receive payments for crude supplied to South Korea, China and India despite the US sanctions.

“We have lots of exchanges with other states, including South Korea, China and India, and we can import goods in lieu for crude exports to them,” Hemmati told reporters on the sidelines of a cabinet meeting in Tehran.

“We can exchange currencies of these countries in different ways but we don’t need to mention these ways and reveal them to the enemies,” he added.

Hemmati also underlined that Iran was in possession of enough currency reserves in and outside the country which could be used if necessary.

The CBI governor had also earlier this month announced that his country was holding “positive” negotiations with the 8 states which had been granted waivers from the US sanctions to purchase oil from Tehran.

Hemmati underlined that the US has failed in its policy to zero down Iran’s crude exports, saying that Tehran is holding “serious and positive” talks with the 8 countries which have been exempted from oil embargos.

Elsewhere, he stressed Iran’s efforts to decrease dependence on oil revenues, saying that the country’s non-oil exports have stood at $27bln in the first 7 months of the current Iranian year (started on March 21).

“It has shown over 13% increase compared with the same period last year,” Hemmati said.

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