Ukraine reduces grain exports to Iran

Economics - 04 February 2012, Saturday 11:19

KYIV (QHA) - In January 2012 corn exports by sea to Iran did not exceed 130,000 tons, though in November 2011 Ukrainian ports for export to Iran handled 238,000 tons of corn, in December - 217,000 tons, Ukrinform reported referring to ProAgro.
According to information, 24 cargo ships with 480,000 tons of grain are at anchor off the coast of Iran, with no perspective of unloading. The ships cannot be unloaded because of problems with payments from the Iranian side. Large European banks have recently stopped financial transactions involving the supply of grain to Iran.
Shipping companies are reluctant to take on the transportation of goods sent to the ports of Iran due to financial sanctions from the European Union.
On January 23, 2012 EU foreign ministers approved an oil embargo against Iran. The EU also significantly limited the financial transactions of European banks with the Central Bank of Iran and the country's commercial banks.
Ukraine is one of major grain suppliers to Iran. The contraction of the Ukrainian farm products to Iran in 2010/11 MY was: corn - 641,003 tons, soy - 216,001 tons, sunflower oil - 33,006 tons.
 
QHA