Iranian Vice President Mohammad Reza Rahimi has ordered the barter of oil for food, Trend reports.
The Iranian petroleum industry has annual exports of $14.2 billion.
Iranian Petroleum Minister Rostam Hasemi announced the barter system after the UN had passed sanctions in January. The new sanctions come into force on July 1.
Iran was banned from the Society for Worldwide Interbank Financial Telecommunications (SWIFT) on March 17. Iran was cut from the system at 4 pm. Banks supporting Iranian nuclear program will be cut as well.
SWIFT sees about 18 million financial operations daily. It was launched in 1973. 239 banks from 15 states are co-founders of the system.
