Commodities trader says it immediately 'ceased transactions' with Iralco after learning of its deal with Iranian programme
The commodities trader Glencore supplied thousands of tonnes of alumina to an Iranian firm that has provided aluminium to Iran's nuclear programme, intelligence and diplomatic sources have told Reuters.
The previously undisclosed barter arrangement between Glencore, the world's biggest commodities trader, and the Iranian Aluminum Company (Iralco) illustrates how difficult it is for western powers to curb Iran's ability to trade with the rest of the world. Even as the west imposes stringent restrictions on banks that do business with Iran, United Nations diplomats say that Tehran keeps finding new ways to do business with willing partners.
Reuters first learned about Glencore's barter deal with Iralco, and an aluminium supply contract that Iralco had with Iran Centrifuge Technology Co (Tesa), from a western diplomatic source in early November. That was about six weeks »