European Banks Block Iranian Grain Imports

The myth that Iran sanctions are not meant to hurt the population is now exposed as a Goebbels lie, with reports that major European Union banks have stopped financing grain shipments to Iran, reports the Turkish English-language daily Today's Zaman. In reality this is nothing less than Her Majesty's Inter-Alpha Group of banks and grain cartels. Iran is a major importer of maize and other grain and agricultural products. With this de facto ban on food exports could lead to mass hunger. "It is now a fact that no EU banks will do trade financing for Iran destination cargoes of grains, oilseeds or whatever," one European grain trader said. "The bottom line is it is very difficult to work trading to Iranian destinations through banking systems. Some Iranian buyers are seeking to use other payment methods avoiding letters of credit, basically direct payment, but this is unworkable for large-size shipments."

Iran imports around 4.5 million tons of grain a year, including about 3.5 million tons of corn, according to International Grains Council figures. It ranks among the top 10 global importers of maize. Its key corn suppliers include Brazil, Argentina and Ukraine. Bulk carriers are reportedly off Iranian shores awaiting payment meaning a potential 420,000 ton of grain are being held in ships.

Sources in Ukraine are cited as saying that Ukrainian grain exports to Iran have been halted. Other sources report that the last sugar deliveries to Iran were reported in November. Iran is expected to import about 1.6 million tons of sugar in 2011/12, according to the International Sugar Organization's latest quarterly report issued in November.