Deputy Oil Minister for International Affairs Amir Hossein Zamaninia said proceeds from sales of Iranian crude would become blocked during sanction years while the Joint Comprehensive Plan of Action (JCPOA) has removed banking restrictions.”
“All oil revenues are received by CBI as no blocked assets exists as a result of smooth and regular banking ties between European and Iranian banks,” continued the official stressing that a number of banks are still being cautious in their ties with Iran for having grievances about the heavy penalties imposed on them by the US Department of Treasury.
He reiterated that Iranian banks have routine transactions with European banks adding “no limitation exists for communication with European banks while remaining issues with major banks will be resolved in near future.”
Zamaninia further touched upon inking contracts with foreign firms within the framework of Iran’s new model for oil contracts called Iran Petroleum Contracts (IPC) asserting “so far, nine Memoranda of Understanding (MoUs) have been sealed with giant European and Asian companies which will hopefully lead to final contracts in coming months.”
Volume of Iran’s oil exports reached 2.1 million barrels per day in the previous Iranian month (ended August 21) while all proceedings were directly received by CBI.
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