Bunge Global Markets Inc.
According to its Annual Report filed with the SEC in 2019: "Bunge Limited has learned of two isolated instances in which its Swiss subsidiary, Bunge S.A., directly or indirectly dealt with Iran in situations other than licensed humanitarian sales of agricultural commodity and food products. In the first instance, a third party chartering one of its vessels twice transported iron ore from Iran to China. Bunge S.A. did not receive any payments directly linked to these voyages, though it realized approximately $810,000 of revenue as a result of sub-chartering the vessel during the months in which these two voyages occurred. In the second instance, Bunge S.A., during the period of U.S. participation in the JCPOA, provided fueling to an Iranian government-owned shipping line vessel in Brazil which was transporting agricultural goods to Iran for a third party. Bunge S.A. did not realize any gain from this transaction but instead passed on the cost of the fuel by offsetting it against amounts owed to the Iranian government-owned shipping line for a different vessel engaged in a shipment of Bunge agricultural goods authorized by license from OFAC. These were both isolated instances, and both occurred prior to the reimposition of sanctions on Iran in the fourth quarter of 2018. Other than in connection with licensed exports of humanitarian goods to Iran, Bunge does not intend to have any other dealings with the Government of Iran.
"More than 20 ships carrying around one million tonnes of grain are stuck outside Iranian ports as US sanctions create payment problems and hamper the country's efforts to import vital commodities, sources directly involved in the trade said. Trading companies such as Bunge (BG.N) and China's COFCO International have been hit by payment delays and additional costs of up to $15,000 a day as the renewed US restrictions stifle the processing of transactions, trade sources said." (Ashraq Al-Awsat, 10/4/2019).
Cargill, Bunge and other global traders have halted food supply deals with Iran because new U.S. sanctions have paralysed banking systems required to secure payments, industry and Iranian government sources say. (12/21/2018)
July 2017 - “Over the past two months, the same strategy has brought top managers of world’s most prominent and most reputable grain companies to Iran for holding joint meetings with directors of Iran’s GTC,” noted the official. In the meantime, managers of Bunge Limited, Archer Daniels Midland (ADM), Olam International and KAMO Grain Inc. have been among most credible international firms who made presence in the country and attended important meetings over the food sector.”
Over the last three presidential administrations, the United States government has granted Bunge Global Markets 47 special licenses to do business in Iran. (New York Times, "Companies with Permission to Bypass Sanctions," 12/24/10)
Receive Iran News in Your Inbox.
Eye on Iran is a news summary from United Against Nuclear Iran (UANI), a section 501(c)(3) organization. Eye on Iran is available to subscribers on a daily basis or weekly basis.