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(24,990 posts)China Defiant on Iran Oil Purchases
BEIJING - The Chinese government has indicated it has no plans to change its position on oil purchases from Iran, a day after the United States left Beijing off a list of economies that are exempt from U.S. sanctions on Iranian oil imports.
Foreign Ministry spokesman Liu Weimin Tuesday rejected a question about whether China will reduce its oil imports from Iran and said these purchases are necessary.
China needs to import crude oil from Iran, Liu said, because of its economic development, describing it as a completely legal matter. China's purchase channels are normal, open and transparent and do not violate United Nations resolutions or harm the interests of any other party, he added.
http://www.voanews.com/content/china-defiant-on-iran-oil-purchases/1206271.html
China buying oil from Iran with yuan
China is buying crude oil from Iran using its currency the yuan, an Iranian diplomat has said.
Oil transactions are usually settled in dollars but US sanctions make it difficult for Iran to accept payments in the US currency.
Iran is using the revenue to buy goods and services from China, Mohammed Reza Fayyad, Iran's ambassador to the United Arab Emirates, confirmed.
http://www.bbc.co.uk/news/business-17988142
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