January 23, 2014

Iran purchases 50,000 tonnes of Brazilian corn

Following a deal last year to relax Western sanctions, Iran purchased at least 50,000 tonnes of Brazilian corn as large food and animal feed purchases continue.

The corn is for shipment from the Brazilian port of Paranagua in late January and early February, traders said.

Iran was never barred from buying food under Western sanctions imposed over the country's disputed nuclear programme, but EU and US financial measures have made trade more difficult for the past two years by hindering payments and shipping.

Iran has about US$100 billion in foreign exchange assets around the world, of which it will be able to access US$4.2 billion under last year's nuclear deal, a senior US administration official said.

Iran has halted its most sensitive nuclear operations under a preliminary deal with world powers, winning some relief from economic sanctions in a ground-breaking exchange. The US and EU both suspended some trade and other restrictions against Iran after the United Nations' nuclear watchdog confirmed that Iran had fulfilled its side of an agreement made on November 24.