Fear among international banks about being subject to penalties for breaching sanctions against Iran are disrupting food imports into the Islamic Republic, Reuters reported on 10 May.
It says that hundreds of thousands of tons of grain and sugar in transit to Iran are being held up. Reuters says ships carrying cargoes of grain, including wheat and soybeans, as well as raw sugar, have been stuck for several weeks outside Iranian ports.
“Western banks are unwilling to get involved,” Reuters reported a European trade source said. “As soon as the banks see the word ‘Iran’ in the paperwork, you get it rejected.”
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