Iran Faces Oil Trade Difficulties as United States Increase Sanctions

Bloomberg reported that Iran is now dealing with another obstacle for its oil export. With the United States imposing the penalty of expulsion, Iranian crude buyers will be restricted to using their own currencies when buying, effective today.

As quoted in the market news:

Importers will be compelled to keep the payments in escrow accounts that Iran can use only for locally sourced goods and services, in what will amount to barter arrangements.

Click here to read the full Bloomberg report.