Sputnik - Iran is seeking to extend or renew a $1 billion oil deal with the Swiss giant Vitol Group ahead of the promised return in November of crippling US sanctions, media reported.



The US administration in�May withdrew from�the 2015 nuclear deal with�Iran, which eased sanctions on�the Islamic Republic. It said restrictions on�oil trade would be back by�November 4 and urged foreign firms to�phase out�operations in�Iran or face sanctions.


The National Iranian Oil Company is now in�talks with�Vitol to�rescue their 2016 deal, in�which the trader agreed to�pre-finance the equivalent of $1 billion in�exchange for�future oil deliveries, sources familiar with�the issue told the Wall Street Journal.

The US publication cited another source in�the know who said the Swiss energy company was likely to�scrap the agreement. A spokeswoman for�the Group told the paper it complied with�all international sanctions.

The US threat to�go after�foreign businesses in�Iran has been harshly criticized in�Europe. The European Union introduced a blocking statute to�shield EU companies from�the impact of�US restrictions. Switzerland is not an EU member.