Azerbaijan, Baku, May 10/Trend M. Moezzi
Sanctions against Iran's oil industry will be unsuccessful because the country's high quality oil can't be replaced says Oil Minister, Rostam Qasemi.
Instead of hurting the economy, sanctions imposed against the oil industry and the Central Bank of Iran are creating a good opportunity to rely on domestic expertise, Mehr news agency reports Mr. Qasemi as saying.Iran doesn't have any problems selling its oil or getting paid for it, said the minister.
News reports say Iran has agreed to get paid in China's national currency, the yuan, for the oil it sells to Beijing. The money would be transferred to Iran through Russian banks who will charge a substantial commission for the service. Iran also receives goods and services instead of cash for some of its oil sales to China which is the second biggest importer of Iran's crude oil.
Iran is in a standoff with the West over its nuclear programme which it contends is civilian and peaceful while the U.S. and its allies insist it is military in nature. The U.S. has led sanctions against Iran's oil industry and its central bank.
The European Union is scheduled to impose a full embargo on Iranian oil imports starting July 1.