“We sell oil at a recently discovered grey market using all of our capacities,” he said, “This is not smuggling. This is countering sanctions which we do not see as just or legitimate."
The United States told buyers of Iranian oil to stop purchases by May 1 or face sanctions, ending six months of waivers that had allowed Iran's biggest customers to import limited volumes.
Grey market is where the products and goods are bought and sold outside and not within in the original manufacturers authorized distribution channel.
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