04:47 GMT30 March 2020
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    TEHRAN (Sputnik) – Tehran plans to introduce a kind of bartering system with regard to trade by only purchasing goods from the countries that import Iranian oil amid US threats to reduce the Middle Eastern country's oil revenue to zero, Asadollah Qarekhani, representative of the Iranian parliament’s energy committee, said on Wednesday.

    "We will use a bartering system to exchange oil for goods. This means that we will make the purchase of goods conditional on oil sales. We are telling relevant markets and countries, which will purchase our oil, that we will buy goods in case they purchase our oil," Qarekhani told the ILNA news agency.

    The formation of a working group on barter oil deals was underway in Iran, the lawmaker added.

    READ MORE: Rouhani Warns US Against Undermining Iran’s Oil Trade, Promises 'Consequences'

    In late June, the US State Department said Washington would ask its allies, as well as China and India to cut off their imports of Iranian oil before early November, the United States planned to impose sanctions against Tehran.

    On Monday, State Department Director of Policy Planning Brian Hook said the United States sought to reduce Iran’s oil revenue to zero. However, Hook softened the initial US request to its partners to halt Iranian oil imports by saying that Washington would grant licenses and waivers to its allies that import Iranian oil on a case-by-case basis.

    The US statements followed the nation's unilateral withdrawal from the Iranian nuclear deal, which seeks to make Tehran abandon its nuclear weapons program in exchange for sanctions relief.


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