China, Iran eye barter plan to bypass US sanctions-FT
Reuters / Brenda Goh
24-Jul-2011

LONDON, July 24 (Reuters) - Iran and China are discussing using a barter system to exchange Iranian oil for Chinese goods and services, as U.S. sanctions have blocked China from paying at least $20 billion for oil, the Financial Times said.

The paper, citing people familiar with the problem, saidU.S. financial sanctions against Iran, which make it hard toconduct dollar-denominated business, meant China might owe theoil-rich country as much as $30 billion.

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