Iran has begun accepting renminbi and barter payments in exchange for some of the crude oil it supplies to China, a consequence of US sanctions aimed at limiting Tehran’s nuclear program, the Financial Times reported. Iran spends some of the Chinese currency, which is not fully convertible, on imports from China, including services such as drilling. One chief executive of a bank in Dubai said that the US sanctions against Iran will “enhance the acceptability of the renminbi as a transaction currency.” Most of the US$20-30 billion in oil that flows from Iran to China annually is handled by the Unipec trading company, an arm of Sinopec (SNP.NYSE, 600028.SH, 0386.HKG), and another trading company called Zhuhai Zhenrong, according to industry estimates.