Iran in new oil money move to dodge sanctions

TEHRAN – Iran’s government has ordered the state oil company to deposit oil revenues only in selected banks in a bid to dodge toughening sanctions over its nuclear drive, local media reported on Saturday.

The state-run National Iranian Oil Company (NIOC) had been free to choose where to deposit the tens of billions of dollars Iran receives annually in earnings from its crude oil exports.

But a new government directive said the NIOC could now deposit the foreign currency only in foreign banks previously selected by the central bank.

“NIOC is from now on obliged to deposit 100 percent of crude oil export income in foreign bank accounts that are chosen by the Central Bank of Iran,” state television quoted the new government directive as saying.

The order did not say on which criteria the foreign banks would be selected.

Khaleej Times