Iran Economy NewsIran to take Chinese subway cars for oil

Iran to take Chinese subway cars for oil

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AP: A senior Iranian official says the country has ordered 315 subway cars from China in place of payment for oil that can’t be transferred due to sanctions. Amir Jafarpour says officials were forced to order the coaches because billions of dollars of payments from crude oil exports to China have not been transferred to Iran because of sanctions.

The Associated Press

TEHRAN, Iran (AP) — A senior Iranian official says the country has ordered 315 subway cars from China in place of payment for oil that can’t be transferred due to sanctions.

Amir Jafarpour, who is deputy head of the Transportation and Fuel Management Committee, says officials were forced to order the coaches because billions of dollars of payments from crude oil exports to China have not been transferred to Iran because of sanctions.

Jafarpour is quoted by the conservative news website tasnimnews.com on Monday.

The U.S. and its allies have imposed oil and banking sanctions against Iran over its disputed nuclear program. Iran has frequently turned to barter arrangements because of sanctions-related difficulties with money transfers.

China is Iran’s top crude oil importer.

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