VP: Iran Launches Oil Barter Scheme

Speaking at a meeting on the promotion of non-oil exports in Tehran on Monday, Jahangiri said the administration has left the door open for bartering oil for essential commodities or civil engineering projects inside the country.

“The private sector can assist with the country’s export of oil, and the administration would also provide the necessary facilities and allow for any kind of cooperation with the private sector in this field,” the vice president added.

One of the major policies of the Central Bank of Iran is to bring foreign currency back to the economic cycle of the country, Jahangiri noted, adding, “The country’s demand for basic goods is planned to be met in exchange for the export of commodities and services.”

He also urged the Central Bank and the Ministry of Industry, Mine and Trade to apply the necessary planning and provide the exporters with incentives.

His comments came a few days after President Hassan Rouhani slammed the US for its plot to disturb Iran’s foreign exchange-related activities, stressing the need for a strategy to increase the country’s foreign incomes and reduce foreign currency expenses.

The president also emphasized that Iran should keep selling oil and also boost production and exports in order to foil the US ploy for hindering the oil sales.

In comments on April 24, Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei said the US’ attempts to block the export of Iranian oil will get nowhere as Tehran will be exporting any amount of crude it needs and wants.

Describing a cut in Iran’s reliance on the export of oil as an opportunity, the Leader said such an opportunity will be used for further reliance on internal capabilities.

“Although the sanctions pave the way for problems in certain cases, they will benefit the country if they are dealt with correctly and logically,” Ayatollah Khamenei said.