NCRI – New sanctions by the US are coming into effect starting Wednesday. Under the new sanctions, countries are prohibited from procuring oil from the Iranian regime in foreign currencies.
Under penalty of expulsion from the U.S. banking system, Iranian regime’s crude oil customers such as China, Japan and India will be restricted to using their own currencies for the purchases, starting today. Importers will be compelled to keep the payments in escrow accounts that the Iranian regime can use only for locally sourced goods and services, in what will amount to barter arrangements.
“They’ll have to accept that a lot of cash is piling up in banks in importing countries, and they’ll now have to look for ways to get it out,” said Robin Mills, the head of consulting at Dubai-based Manaar Energy Consulting & Project Management, in a Jan. 31 phone interview with Bloomberg. “It’s making the trade much more difficult.”
The Washington Post quoted U.S. officials on January 20, 2013 that the little-noticed statute could dry up one of Iranian regime’s largest remaining sources of oil income.
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