After being hit by European and U.S. sanctions, Iran’s oil sales are stabilizing as the country entices buyers with attractive prices and a form of barter, though new U.S. restrictions could further bite into its crude exports later this year, The Wall Street Journal
reported Tuesday, August 7. Faced with tightening banking sanctions, Iran increasingly gets paid into accounts based in the Asian countries where it sells the oil and in their local currency. Iranian traders then draw on the reserves to purchase goods exported to Iran. Bartering with India and China is already cushioning Iran exports against further decline, while South Korea, which recently stopped buying Iranian oil, has signaled it was likely to resume crude purchases from Iran soon. Congress approved new penalties last week that could dent both Iranian oil exports and production, but the measure has yet to be signed into law.