Tuesday, May 8, 2012

Iran Accepting Chinese Currency For Crude Oil

Sydney (Platts)--8May2012/202 am EDT/602 GMT
Iran is accepting Chinese currency for some of the crude oil it supplies to China, partly as a consequence of US sanctions aimed at limiting Tehran's nuclear program, industry sources in Beijing and Kuwait as well as Dubai-based bankers told UK business newspaper The Financial Times.  LINK...
It seems the US sanctions are backfiring. As they say, "never bite the hand that feeds you."   BK