[London / Dubai 2nd Reuters]-Off the coast of Iran, a total of more than 20 cargo ships are stuck with a total of about 1 million tons of imported grain. This is because the US sanctions against Iran have caused payment delays. Several parties directly involved in trade revealed.
Those who have not been paid due to delays are the US Bungee <BG.N> and China's COFCO International. Such trading companies also incur additional costs of up to $ 15,000 per day.
US Iranian sanctions exclude humanitarian supplies such as food and medicine. However, as all sectors from oil exports to financial transactions are covered, some foreign banks are holding back Iranian transactions, including food-related humanitarian aid. The few banks that still have Iran-related payments face multiple obstacles.
According to six people from the west and Iran, cargo ships moored for more than a month off the main trading ports of Bandar Imam Khomeini and Bandar Abbas. The cargo is mainly soybeans and corn from South America.
One European official said, “There are no restrictions on humanitarian business, but there are no payments,” and noted that payments may wait months.
Another party said, “There is also a mood among traders to be nervous about additional exports to Iran until the delay is resolved.”
A senior port official in Iran told Reuters that problems have arisen since the US sanctions on the financial system last November, but there are more banks and traders coming here to refrain from trading in Iran. It was. Last month, Saudi oil facilities were attacked, and the US extended sanctions to Iran's central bank.
Iranian port officials say the latest additional sanctions have ruined banks and several smaller banks that have been trading have also notified the suspension.
According to a trading company source, Turkey's Hulk Bank is one of the banks that Iran has relied on for importing humanitarian aid, but it is suffering from delays in settlement procedures.
The UN Food and Agriculture Organization (FAO) announced last month that Iran ’s grain inventory this year was 5.1 million tonnes, down from 9.9 million tonnes in 2016 and down to 4.8 million tonnes next year.
