Iran, creaking under the impact of U.S. sanctions, a collapse in oil sales and a severe COVID-19 epidemic, is scrambling to buy food and medicine to avoid a supply crunch. But it's a struggle.
LONDON/SAO PAULO/SEOUL - Iran, creaking under the impact of U.S. sanctions, a collapse in oil sales and a severe COVID-19 epidemic, is scrambling to buy food and medicine to avoid a supply crunch. But it’s a struggle.
Yet Iran’s central bank has been unable to transfer the billions of dollars worth of oil export cash it had built up between 2016 and 2018 to bank accounts working with the SHTA, the five sources with knowledge of the matter told Reuters. The impact has also been felt in other areas, with Reuters previously reporting many foreign shipping companies and insurers are unwilling to provide vessels or cover for voyages, even for approved commerce.South Korean and Japanese authorities have declined cash transfers to Switzerland by the CBI without specific U.S. approval, according to the sources, who declined to be named due to the sensitivity of the matter.“Under the current U.S.
Switzerland’s government said on Monday that a Swiss pharmaceutical company had completed the first transaction under the new humanitarian trade channel with Iran, adding more transactions would follow. Swiss bank BCP is the only financial institution that has committed to the SHTA so far and agreed to receive Iranian funds under the scheme, the sources said.The sources said major international trading houses were also ready to supply Iran with agricultural commodities under the scheme, but only when they were certain transactions were free of any sanctions risk.
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