Legal Analysis of Alternative Banking Solutions ‎in Receiving the Proceeds of Crude Oil and Oil ‎Products under Economic Sanctions

US economic sanctions on the Iran's banking sector have made Iran's oil industry more vulnerable than any other industry. In fact, US secondary sanctions, such as extraterritorial sanctions, not only bar non-US banks from any banking transactions with Iran, but also ban Iranian entities from access to strong currencies. The present article reviews, from a practical point of view, certain methods that Iran has used in the face of US banking sanctions to access its most important source of income; i.e., the oil revenues and examines the banking and non-banking solutions and alternatives that has been used by Iran to receive the proceeds of sale of crude oil and oil products.