The United States imposed sanctions on Iran's oil and gas industry in 2018 to choke off the Islamic Republic's main source of revenues in a dispute with Tehran over its nuclear work.
"The world is vast and the ways of evading sanctions are endless," Hamid Hosseini, board member of Iran's Oil, Gas and Petrochemical Products Exporters' Union in Tehran, told Reuters. In addition, Iran exports some fuel by trucks to its neighbours, which involve small transactions that are tough for the U.S. Treasury to detect.
Until sanctions were imposed, crude exports were Iran's main revenue source, typically exceeding 2 million bpd and reaching 2.8 million bpd in 2018. To encourage buyers, trading sources said Iran often offered prices that would cover shipping and insurance costs, alongside the extra fees for banking transactions. Those extras had raised the cost of Iranian products by about 25%, trading sources said.
India's Fertilizer Ministry, which drafts tenders for imports, did not respond to requests for comment. Officials in UAE and Iraq also did not immediately respond.
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