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Royal Dutch Shell Plc (RDSA) is struggling to hand over $1 billion owed to Iran for crude-oil shipments because U.S. and European Union sanctions make it almost impossible to process payments, Reuters reported, citing four unidentified industry sources.
A debt of that size equates to about four large tanker loads of Iranian crude or about 8 million barrels, the news wire said. Ross Whittam, a Shell spokesman, declined to comment today when contacted by phone.
Shell asked the U.K. government for help in settling its account with Iran and was rebuffed, Reuters said.
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