EU Plans to Ditch Dollar For Iran Oil Pay­ments

Iran News - - FRONT PAGE -

TEHRAN (PressTV)- The Eu­ro­pean Union plans to switch to the euro for oil pur­chases from Iran, elim­i­nat­ing the U.S. dollar as the two sides work to pro­tect bi­lat­eral trade against pos­si­ble Amer­i­can sanc­tions, a Rus­sian re­port says. “I’m privy to the in­for­ma­tion that the EU is go­ing to shift from dollar to euro to pay for crude from Iran,” the web­site of Rus­sian news channel RT said on Wed­nes­day, cit­ing a diplo­matic source who spoke to Sput­nik news agency.

Iran ex­ports about 450,000 barrels per day (bpd) of crude oil to Europe and around 1.8 mil­lion bpd to Asia. The coun­try has boosted its oil pro­duc­tion nearly 1 mil­lion bpd since the nu­clear deal lifted Western sanc­tions in Jan­u­ary 2016.

U.S. Trea­sury Depart­ment has in­structed coun­tries to make sig­nif­i­cant cuts to their im­ports over the next six months to be con­sid­ered for po­ten­tial sanc­tions re­lief. The U.S. government has said the sanc­tions on Iran will go back into force from Novem­ber 5.

Iran’s main oil clients in Europe are Italy, France, Greece, Spain, Poland and Turkey. Turkey is the big­gest im­porter with 250,000 bpd, fol­lowed by Greece at 120,000 bpd and France be­tween 70,000-100,000 bpd.

The launch of yuan-de­nom­i­nated Shang­hai fu­tures in March has cre­ated a lot of en­thu­si­asm among in­ter­na­tional com­pa­nies seek­ing to tap China’s bustling com­mod­ity mar­kets.

Ira­nian of­fi­cials have al­ready re­it­er­ated that they pre­fer the coun­try’s fu­ture trans­ac­tions to be car­ried out in the cur­ren­cies other than the dollar.

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