Feb 10 2012 |
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Cargill Continues To Supply Iran With Grains
Friday, Feb 10, 2012
LONDON (Dow Jones)--U.S.-based agribusiness giant Cargill plans to continue its grain shipments to Iran despite emerging signs the country is struggling with credit issues due to tightening sanctions, a spokesperson for the company said Friday.
"Cargill, like a variety of other multinational companies with a global agricultural footprint, does sell agricultural commodities to Iran as food is specifically excluded from the sanctions," the company said in an e-mailed statement to Dow Jones Newswires.
Major European banks, including Rabobank, have halted trade finance for grain or any agricultural products bound for Iran. The European Union and U.S. have both introduced trade restrictions on the Central Bank of Iran to increase pressure on the Islamic Republic over its nuclear program.
Iran typically imports around 5 million metric tons of grain a year, most of which is corn.
"From a food security standpoint, this is a potential unintended consequence of the sanctions," the company said.
According to official port records, numerous vessels carrying foodstuffs have been waiting for several days to dock at Iranian ports, due to a "lack of readiness of cargo owners."
-By Neena Rai, Dow Jones Newswires; 4420-7842-9450; neena.rai@dowjones.com.
(END) Dow Jones Newswires
10-02-12 1525GMT
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