Royal Dutch Shell is Struggling to Pay Off $1 Billion That it Owes Iran

Shell oil company currently owes $1 billion to Iran for distributing Iranian crude oil in Europe , but recent financial sanctions by United States and European Union make it almost impossible to process payments .

A debt of that size would equate to roughly four large tanker loads of Iranian crude or about 8-million barrels .

One of the sources who declined to be identified said : “Shell is now trying to find a way to process the payment . Shell wants to keep the relationship with Iran in good status while abiding by sanctions .”

A Shell company spokesman declined to comment .

Shell buying 200,000 barrels of Iranian crude oil a day but they have announced to stop buying oil from Iran . The spokesman of the company in Amsterdam confirmed this news and said the decision has been made by Peter Voser , CEO of the Royal Dutch Shell .

The European Union toughened financial sanctions and placed a ban on Iranian oil imports on January 23 , but gave companies until July 1 to wind down their existing business .

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