Monday, February 8, 2016

News Note: Iran Wants Euros - Not US Dollars

Reuters reports that now that Iran will be able to sell oil, they want to be paid in Euros rather than US dollars. The article says Iran is "looking to reduce its dependence on the US dollar." Below are some quotes from the article.

"Iran wants to recover tens of billions of dollars it is owed by India and other buyers of its oil in euros and is billing new crude sales in euros, too, looking to reduce its dependence on the U.S. dollar following last month's sanctions relief.
A source at state-owned National Iranian Oil Co (NIOC) told Reuters that Iran will charge in euros for its recently signed oil contracts with firms including French oil and gas major Total, Spanish refiner Cepsa and Litasco, the trading arm of Russia's Lukoil.
"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 NIOC source said.
Lukoil and Total declined to comment, while Cepsa did not respond to a request for comment.

Iran has also told its trading partners who owe it billions of dollars that it wants to be paid in euros rather than U.S. dollars, said the person, who has direct knowledge of the matter."
Click here to read the full article

Added note: Here is the blog article we did last summer pointing out that Secretary of State John Kerry said the US dollar could lose global reserve currency status if we did not do the deal with Iran. We did the deal and now Iran wants to "reduce its dependence on the US dollar."


  1. The last time a leader said this, we invaded his country, captured him and executed him.

  2. Somewhat ironic considering Sec. John Kerry had said US dollar would suffer if we did not do the deal with Iran: