Sputnik - Iran is seeking to extend or renew a $1 billion oil deal with the Swiss giant Vitol Group ahead of the promised return in November of crippling US sanctions, media reported.
The US administration inMay withdrew fromthe 2015 nuclear deal withIran, which eased sanctions onthe Islamic Republic. It said restrictions onoil trade would be back byNovember 4 and urged foreign firms tophase outoperations inIran or face sanctions.
The National Iranian Oil Company is now intalks withVitol torescue their 2016 deal, inwhich the trader agreed topre-finance the equivalent of $1 billion inexchange forfuture oil deliveries, sources familiar withthe issue told the Wall Street Journal.
The US publication cited another source inthe know who said the Swiss energy company was likely toscrap the agreement. A spokeswoman forthe Group told the paper it complied withall international sanctions.
The US threat togo afterforeign businesses inIran has been harshly criticized inEurope. The European Union introduced a blocking statute toshield EU companies fromthe impact ofUS restrictions. Switzerland is not an EU member.