Iran General NewsIran uses euro open credit lines to buy fuel-source

Iran uses euro open credit lines to buy fuel-source

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Reuters: Iran is using open credit lines settled in euros to finance fuel imports after some international banks stopped guaranteeing its deals due to U.S. pressure, an oil industry source said on Monday. DUBAI, Jan 14 (Reuters) – Iran is using open credit lines settled in euros to finance fuel imports after some international banks stopped guaranteeing its deals due to U.S. pressure, an oil industry source said on Monday.

French banks BNP Paribas and Calyon stopped offering letters of credit (LCs) last year for oil sales to Iran because of political pressure from the United States over over Tehran’s nuclear programme, industry sources have said. Without the LCs, Indian refiner Reliance halted sales of gasoline and diesel.

But other sellers continued to deliver using the credit lines, the source said.

“The state oil company has negotiated open credit lines with sellers,” he said. “LCs are no longer needed.”

Transactions were settled in euros to avoid U.S. scrutiny, he added.

(Reporting by Simon Webb)

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