France's Vilmorin defies US with seed exports to Iran | WHAT REALLY HAPPENED

France's Vilmorin defies US with seed exports to Iran

France’s seed maker Vilmorin is defying new US sanctions on Iran to maintain exports to the Middle Eastern country which is the world’s fifth largest vegetable grower.

Iran is facing the "toughest ever" sanctions imposed by the US in November but Vilmorin said on Tuesday it is working with a banking partner to finance deals with Iranian clients able to pay in euros.

Chief Financial Officer Vincent Supiot said Vilmorin is also considering taking part in a proposed European scheme, known as INSTEX, to conduct non-dollar trade with Iran via a barter system that would avert the sanctions.

The French group has annual sales of about 10 million euros ($11.49 million) to Iran by exporting vegetable seeds but it is unsure to what extent it will be able to pursue shipments under the US sanctions.

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