Iran Dumps Dollar In Favour Of Euro For Crude Oil Trade
by in News, World
Iran wants payment in euros for new and outstanding oil sales in a bid to cut reliance on the US dollar.
After the removal of sanctions, Tehran also plans to recover some of its previously frozen assets in euros.
Sputnik news reports:
Iran
has turned away from the US dollar in oil trade and is denominating in
euros all new and outstanding oil contracts with companies, including
French oil and gas giant Total, Spanish refiner Cepsa and Litasco, the
trading arm of Russia’s Lukoil, a source at National Iranian Oil Co told
Reuters.
“In
our invoices we mention a clause that buyers of our oil will have to
pay in euros, considering the exchange rate versus the dollar around the
time of delivery,” the source said.
Lukoil and Total declined to
comment, and Cepsa did not respond to a request to comment. Iran has
also told its trading partners who owe it billions of dollars that it
wants to be paid in euros rather than US dollars.
The source explained that Iran’s central bank adopted a policy to carry out foreign trade in euros while the country was under sanctions.
