KETR

Sanctions Interfere With Shell's Payment To Iran

Mar 26, 2012
Originally published on March 26, 2012 6:11 am
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DAVID GREEENE, HOST:

NPR's business news starts with Iran sanctioned success.

Oil company Royal Dutch Shell can't pay Iran the $1 billion it owes because U.S. and European Union sanctions against the Asian nation have made it almost impossible to transfer the money.

Reuters reports that Shell is wrapping up its business dealings with Iran, but still owes money for several more weeks' worth of oil delivery. Shell might have to ask the British government to help transfer the money, as no banks will handle the deal. Transcript provided by NPR, Copyright NPR.