Iran paid for oil exports 90 days after delivery: Minister

Iranian finance minister Ehsan Khandouzi says the country receives revenues of its oil exports no later than 90 days from shipment delivery dates despite American sanctions that restrict both purchases of Iranian oil and the related payments.

In remarks made on Tuesday, Khandouzi suggested that Iran has been paid regularly for oil exports since the current administration came to office in Tehran in August.

He said the government has also managed to access some of the funds that were used to be blocked in foreign bank accounts and were related to Iranian oil exports dating back to before 2018, when the US imposed its sanctions on Tehran.

The remarks come amid statements by senior government officials and media reports showing that Iran has increased its oil exports while being able to receive the revenues despite the US sanctions.

Iran waiting to see if new Seoul government is serious about funds issue: Spokesman

Iran says it is waiting to see if new South Korea government will take concrete action on blocked funds.

A Monday report by Reuters news agency showed Iranian oil supply to China in May had accounted for nearly 7% of the East Asian country’s total crude imports over that month which amounted to 10.8 million barrels per day.

Iranian Oil Minister Javad Owji said on Tuesday that revenues derived from exports of crude, condensate, oil products, natural gas and petrochemical products had increased by 40% year on year in the three months to late June.

Owji on Thursday announced the receipt of $1.7 billion from Iraq for natural gas supplies delivered to the Arab country over the past years.

Government authorities say they expect other customers of Iranian energy, including South Korea, to settle their debts and avoid blaming American sanctions for their inability to pay.

Iran has more than $7 billion worth of funds in two South Korean banks for supplies of crude and condensate that took place before 2018.

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