Posted on 07/28/2011 6:23:07 AM PDT by sukhoi-30mki
'China, Iran discussing barter system to bypass sanctions'
By REUTERS
25/07/2011
Sanctions forbid dealing with Iran in dollar trading; trading services, goods, softer currencies could undermine process, according to report.
Iran and China are discussing using a barter system to exchange Iranian oil for Chinese goods and services, as US sanctions have blocked China from paying at least $20 billion for oil, the Financial Times said.
The paper, citing people familiar with the problem, said US financial sanctions against Iran, which make it hard to conduct dollar-denominated business, meant China might owe the oil-rich country as much as $30 billion.
The people said the unpaid oil bills had built up in the past two years and the governments, which are in early-stage talks, were looking at how to "offset" the debt, the FT reported.
The paper said some Iranian officials were growing increasingly angry about the inability of the country's biggest oil customers such as China and India to pay cash, which has contributed to a shortage of hard currency for the country.
(Excerpt) Read more at jpost.com ...
We should have taken serious military action against Iran and Syria when we had huge military forces sitting between them in Iraq. Now we see China, Russia, North Korea propping these villains up.
Hussein and Hitlery will send a letter to the U.N. in protest. Other than that, there will be no.response. Hussein understands.he must focus on only ONE war: his war on prosperity.
Well if we had a real president he would tell China that they trade with Iran or they trade with us. But not both. Of course this would be opposed by both the commie loves and the free trade over all else crowd.
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