October 2, 2019
Publication:
Reuters
More than 20 ships carrying approximately one million tons of grain have been stuck for over a month outside Iran's Bandar Imam Khomeini and Bandar Abbas ports because of sanctions-related payment issues. The ships are carrying soybeans and corn, primarily from South America, and face costs of up to $15,000 per day. While there are no sanctions on humanitarian supplies such as food, businesses are often waiting months to receive payment because many Western banks are reluctant to have any business dealings with Iran. Affected companies include U.S. agribusiness Bunge, China's COFCO International, and several smaller Turkish and Iranian businesses.
