July 8, 2012. An association of Iranian oil-product exporters will help the government bypass European Union sanctions and ship as much as 500,000 barrels a day. Iran's central bank and Oil Ministry signed an agreement with the Iranian Oil, Gas & Petrochemical Products Exporters' Association. The arrangement would enable Iran to sell crude to Europe, though he gave no details about how such sales would occur under the July 1 EU embargo.