Last Updated :
17 July 2010 at 11:30 IST
Iran wants oil fees in non-dollar, euro currencies
TEHRAN (Commodity Online) : In an attempt to blunt the projected EU sanctions on it, Iran is considering switching payments for its crude oil exports to Europe to the UAE dirham instead of the euro, according to unconfirmed reports.
The reports said Iran’s National Iranian Oil Company (NIOC) had sounded out European term customers about the possible change, but had yet to make a firm decision.
The move was prompted by concerns in Tehran that euro transactions were no longer safe and could be blocked by EU member states.
New EU sanctions, which EU leaders agreed in June, are expected to be approved by the end of this month. EU may also introduce restrictions against Iranian banks and target the European operations of Iran's central bank.
Although Iran's crude oil exports are priced in dollars and are likely to remain so for some time, all of its customers pay in other currencies.
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