Iran firms seek double deals for Russia grain-trade

HAMBURG/LONDON - Reuters

Iran's ambassador to RussiaSeyed Mahmoud-Reza Sajjadi. REUTERS photo

Iranian traders are in talks with Russian sellers over the import of grain which will bypass western banking sanctions imposed on the Islamic Republic, trade sources said today. 

Sources said any deals were likely to be done in roubles avoiding European Union and U.S. currency restrictions which were covered by sanctions over Iran's disputed nuclear programme. 

"Talks are underway between Iranian importers and Russian exporters about supplying corn and wheat with the letter of credit denominated in roubles. The rouble denomination would make international bank payments possible despite the sanctions," one European trader said. 

Iranian buyers are also in talks over importing corn via Iraq, avoiding payment restrictions by supplying to a third party for onward delivery, traders added.