BREAKING NEWS

Iran sidesteps sanctions to export its fuel oil

By REUTERS

DECEMBER 20, 2012 11:53

DUBAI/GENEVA - Iran is becoming increasingly creative in dodging Western sanctions, managing to sell a rising volume of fuel oil to generate revenue equal to up to a third of its crude exports, which have been badly hit by restrictions.

Compared with the first half of the year, Iran has on average exported more fuel oil per month since July, when European Union oil and shipping insurance sanctions came into effect and more than halved its crude exports.

EU sanctions prohibit the import, purchase and transport of Iranian petroleum products in an attempt to curb revenues that might be channeled into a nuclear program that Iran says is for peaceful purposes but the West fears is to enable it to make weapons.

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