Italian oil refiner Saras cleared in the first quarter of this year the debt it owed Iran for oil bought before sanctions were imposed, general manager Dario Scaffardi said.

The total amount of debt the refiner owed Iran was 400 million euros, the company said.

It paid off last year a large part of the money owed.

International financial sanctions on Iran were lifted last year after a deal over nuclear activities, though banking ties remain restricted.

Saras used to take a significant part of its feedstock from Iran before the embargo. It has resumed shipments since.

(Source: Reuters)