Who owes Iran’s oil payments

In India, about $1.8 billion of $5.3 billion held up by the sanctions is with oil companies that bought crude from Iran, and the remainder is with UCO Bank


File picture of crude oil pipelines. Photo: Safin Hamed/AFP
File picture of crude oil pipelines. Photo: Safin Hamed/AFP

Singapore: Iran will receive $4.2 billion from its oil sales to be transferred in instalments if it fulfils its commitments in a landmark nuclear deal struck between world powers and Tehran in Geneva.

Here is a look at where Iranian oil payments are held in the countries in Asia that are still importing crude from the OPEC producer:

Country: China

Bank: Kunlun Bank, owned by China National Petroleum Corp. (CNPC)

Estimated amount: China struck an agreement with Iranian Parliament speaker Ali Larijani in an early November meeting to start releasing the $22 billion oil payment blocked in an Iranian bank account in Beijing, the Fars News Agency reported. A source familiar with the situation told Reuters that the Iranian Central Bank and the National Iranian Oil Co. (NIOC) each has two accounts at Kunlun, one
yuan-denominated and one in euros.

Country: India

Bank: UCO Bank

Estimated amount: About $5.3 billion held up by the sanctions. Of the total, about $1.8 billion is with the oil companies that have bought crude from Iran and the remainder is held with state-run UCO Bank. In mid-October, the NIOC had asked Indian refiners to pay in euros via Turkey’s state-owned Halkbank.

Country: South Korea

B ank: Woori Investment Bank Co. Ltd and Industrial Bank of Korea

Estimated amount: Iran has about 5.9 trillion won ($5.56 billion) in won deposits, a foreign exchange authority source said.

Country: Japan

Bank: Bank of Tokyo-Mitsubishi UFJ (Mitsubishi UFJ Financial Group Inc.)

Estimated amount: The total amount held is unclear, but Japan imported about $4.7 billion worth of Iranian crude between February and September, according to data from the finance ministry.