Reuters – Oil major Royal Dutch/Shell (RDSa.L) is seeking to work around international sanctions by repaying a $1.4 billion oil debt to Iran with a grain barter deal via U.S. agribusiness giant Cargill CARG.UL, industry sources said. Shell wants to repay a debt that is growing larger because of unpaid interest, having failed to settle its accounts with the National Iranian Oil Company (NIOC) ahead of a European Union embargo on oil imports that started on July 1. It is hoping to get clearance from U.S., UK and Dutch authorities – who will be under pressure to agree on humanitarian grounds – for an “offset agreement” that would permit it to fund Cargill to deliver enough grain to Tehran to clear the debt. Read Article
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