Oil Trade

Russia is using cryptocurrencies in its oil trade with China and India to dodge Western sanctions, Reuters reported Friday, citing four sources with direct knowledge of the matter.

Iran’s Foreign Ministry spokesman Esmaeil Baghaei strongly reacted to the latest US sanctions targeting vessels, individuals, and entities allegedly involved in Iran’s crude oil trade.

EghtesadOnline: Newly announced US sanctions aimed at harming petroleum and petrochemical trade between Iran and China will not substantially impact China's status as the top importer of Iranian crude, analysts said.

EghtesadOnline: Foreign Minister Mohammed Javad Zarif said the United States is trying to "bring Iran to its knees" and overthrow its government by seeking to thwart its international oil trade.

EghtesadOnline: Oil trade is the cornerstone of Europe’s financial mechanism to maintain business ties with Iran and the system cannot operate without covering the sale of Iranian crude, Foreign Minister Mohammed Javad Zarif said.

EghtesadOnline: Close to one million barrels of oil have been sold on Iran Energy Exchange so far and plans are underway to continue the offers in the future, the head of international affairs at the National Iranian Oil Company said.