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Iran vows to sell oil on ‘Gray Market’ bypassing US sanctions

Iran vows to sell oil on ‘Gray Market’ bypassing US sanctions
Washington has re-imposed oil and financial sanctions against Tehran last year
posted onMay 6, 2019
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Iran’s Deputy Oil Minister Amir Hossein Zamaninia announced on May 5 that his country will use all its resources to sell oil, despite the US sanctions.

“We have mobilized all of our resources to sell out oil on the gray market,” local news agencies quoted Zamaninia as saying.

The comment is following a recent announce by US officials, explaining that Washington will not reissue oil waivers, which allowed certain number of countries to buy Iranian oil.

Although the deputy foreign minister did not give any figure on expecting oil sales, he confirmed that Iran will certainly face a decrease of oil exports under the sanctions.

“We certainly won’t sell 2.5 million barrels per day as we used to under the nuclear deal,” Zamaninia explained.

Washington has re-imposed oil and financial sanctions against Tehran last year, hoping to change the Islamic Republic’s regional and international behavior.