More than 20 ships carrying around one million tonnes of grain are stuck outside Iranian ports as U.S. sanctions create payment problems and hamper the country’s efforts to import vital commodities, sources directly involved in the trade said.
Reuters reports 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 U.S. restrictions stifle the processing of transactions, trade sources said.
Two sources said the increasing difficulties had prompted U.S. agribusiness company ADM to halt trading with Iran since August. An ADM spokeswoman declined to comment.
Trade sources told Reuters in December that Bunge and Cargill as well as other suppliers had halted new food supply deals to Iran due to payment issues.
