Reuters is reporting that Uruguay, South America’s leading rice exporter and the 7th largest rice exporter in the world, is seeking to barter “food for oil” with Iran to get around U.S. and EU sanctions.
Because of the tough sanctions which have targeted financial institutions from doing transactions with Iran, this type of barter deal eliminates the need for financing or currency exchanging hands. Iran is historically a large purchaser of Uruguayan rice, and Uruguay agriculture officials announced that they intend to keep that business.
“If Iran is willing to barter oil for rice we will do it and we will take out currency from (the operation),” Agriculture Minister Tabare Aguerre told Reuters.
Uruguay, somewhat defiantly, said on the president’s official website that the international community made the determination that Uruguay rice can no longer be sold to Iran.
The Minister of Livestock, Agriculture and Fisheries ( BHAG ) explained that ‘international standards related to currency movements toward Iran determined that this country ceases to be the main importer of Uruguayan rice.’
‘The government is willing to walk this path as needed, putting innovation and imagination in trading processes. If Iran is willing to barter rice for oil we will as well, and we will remove the currency, in transit,’ he said.
Uruguay is considered an ally of the United States, and Washington has made clear that any country that buys crude oil may face economic sanctions themselves. There has been no U.S. reaction to this possible “food for oil” transaction at the time of this writing.
Uruguay’s creative approach to solving problems is clearly at odds with Western nations keen on creating problems. “Innovation, organization, integration and, above all, the ability and creativity to propose and implement tools to address the crisis from 1999 to 2003 was what allowed us to be what we are today,” said Uruguay’s Secretary of State in regards to the country’s agriculture and economic strength.
Meanwhile, panic buying grips the the United Kingdom as shortages are being manipulated partially due to sanctions on Iran. And in the United States, record prices at the pump persist as the summer driving season approaches and continued supply disruptions are politically created.
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