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Iranian Deputy Oil Minister Amir Hossein Zamaninia announced on Sunday that Iran has mobilized all its resources to sell oil in a `grey market`. to circumvent illegitimate US sanctions against the country.
“We sell oil at a recently discovered grey market using all of our capacities.“ he said. “This is not smuggling. This is countering sanctions which we do not see as just or legitimate.`
The United States told buyers of Iranian oil to stop purchases by May 1 or face sanctions. ending six months of waivers that had allowed Iran`s biggest customers to import limited volumes.
Grey market is where the products and goods are bought and sold outside and not within in the original manufacturers authorized distribution channel.
