More than 20 ships carrying around one million tonnes of grain are stuck outside two ports in Iran as United States sanctions create payment problems and hamper the country’s efforts to import vital commodities, sources directly involved in the trade.
Vessels with soya beans and corn, mostly from South America, have been held up due to payment crisis, as Tehran relies on imports for many foods.
“There are no restrictions on humanitarian business, but you can’t get paid for it,” one European source said. “You can be waiting for months to get a payment.”
Trading companies such as Bunge and China’s COFCO International have been hit by payment delays and additional costs of up to $15,000 a day as the renewed US restrictions stifle the processing of transactions, trade sources said.
Food, medicine and other humanitarian supplies are exempt from sanctions Washington reimposed after US President Donald Trump said he was walking away from a 2015 international deal over Iran’s nuclear programme.
The few remaining lenders still processing Iranian business face multiple hurdles to facilitate payments, as financing channels freeze up.
