U.S. officials: New sanction could dry up Iranian regime’s oil income

NCRI – In just over two weeks the Obama administration will begin enforcing a little-noticed statute that could dry up one of Iranian regime’s largest remaining sources of oil income, U.S. officials say, according to a report by The Washington Post on Sunday.

“Beginning Feb. 6, Iran still will get paid for the oil it delivers to Asian markets, from Mumbai to Shanghai to Pusan — only not in cash. The law, part of a package of sanctions approved last year, requires that foreign governments keep any payments for Iranian oil locked up inside bank accounts in their own territory,” the report said.

Ever since European seaports closed their gates to Iranian regime’s oil tankers last summer, the regime has looked to the East. Countries such as China, India and South Korea have offered Iranian regime a lifeline of reliable markets and much-needed dollars.

Based on new sanction Iranian regime can use the money only to buy goods from the local economy, such as wheat or medicine or consumer goods. But it can’t collect hard currency, U.S. officials and analysts say.