Cargill and Bunge suspended food supplies to Iran

Among other global commodity traders, Cargill and Bunge suspended food supply deals with Iran, Reuters reports.

The main reason for this decision was the inability of Iranian banks to make payments on contracts as a result of the introduction of US economic sanctions. According to representatives of trading companies, now they have no practical opportunity to receive payment for goods supplied to the Islamic Republic.

Western and Iranian sources reported that the American Cargill and Bunge groups, as well as the Singaporean OLAM, were among those who were unable to conclude new export deals for wheat, corn, raw sugar and other goods.

Previously it was reported that COFCO International Ltd was partnering with Archer Daniels Midland Company, Bunge Limited, Cargill Incorporated и Louis Dreyfus Company to standardize and digitize global agricultural shipping transactions. Together, the companies are looking to increase transparency and efficiency for customers through digital technologies, such as blockchain and artificial intelligence.