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[neemmss]

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.

"Many European companies are rushing to Iran for business opportunities, so it makes sense to have revenue in euros," said Robin Mills, chief executive of Dubai-based Qamar Energy.

Iran has pushed for years to have the euro replace the dollar as the currency for international oil trade. In 2007, Tehran failed to persuade OPEC members to switch away from the dollar, which its then President Mahmoud Ahmadinejad called a "worthless piece of paper".

More: Reuters

This is really interesting because back in 2000 Iraq wanted to switch to the Euro as well. They officially switched over to the Euro as a currency in 2001 and made a lot more that way. Keep in mind that this was also a time that people were calling for us to go to war with them and you can guess what happened.

 

[tbhysgb]

Nothing good happens by ditching the petrodollar.....in the past anyway.

 

[Mimosa97]

Less American hegemony is always welcomed but countries have been invaded for less so yeah ... The petrodollar GOD ain't gonna be happy.

 

[gutter_trash]

Wasn't this the real reason Why Dubya toppled Saddam?

 

[Rubenov]

Euro is in decay while the dollar remains strong. Would like to know their true motives.

 

[Skellig Gra]

It's not 2008 anymore, this seems a little shortsighted with the way the currency markets have gone the past couple years.

 

[Trojita]

Why are you betraying us already Iran?

 

[neemmss]

Euro is in decay while the dollar remains strong. Would like to know their true motives.

Iraq made the changeover to the Euro when it reached its lowest ebb, buying just $0.82, and the G7 Finance Ministers were forced to bail out the currency. On Friday the euro had reached $1.08, up 30 per cent from that time. [source]

Maybe Iran is banking on by converting to the Euro, the value will move up and potentially make it an easier parter to trade with in the region. Instead of having to deal with OPEC and the USD, European and other partners can just trade their euro for oil easier.

I also think that Iran wants to make good with the US and the world, but doesn't want to make the US any stronger on their account. This is a game of chess. With the US having a lot of presence/pull in the global economy, Iran selling their oil for USD will just keep making the US stronger. Having the US have less of a pull/control of the market is better in the eyes of the Iran and probably most of the world.

 

[goomba]

In 2001, Iraq began selling their oil in the Euro. The US then invaded.

In 2010 Gaddafi proposed a new currency called the Gold Dinar to replace the dollar for oil sales. The US bombed the shit out of his country and caused a regime change.

Syria moved away from the Dollar in 06 and Iran in 08.

That is what this is all about. There are other geopolitical objectives such as the pipeline that Syria signed with Iran instead of the US friendly Qatar, but the Petrodollar is the king. It is literally the only reason the dollar and US economy is stable. The entirety of the Western financial elite need the Petrodollar system and they are willing to go to war over it.

 

[FreedomFighter]

Ditching dollar usually means war (unless you're Russia & China).

Euro is in decay while the dollar remains strong. Would like to know their true motives.

De-dollarization and general trolling of US, who will not be pleased by this.

Syria moved away from the Dollar in 06...

What a crazy coincidence...

 

[NYCmetsfan]

Euro is in decay while the dollar remains strong. Would like to know their true motives.

less reliance on US politics

 

[Yamauchi]

Iran has good business ties with many European states while almost none with the US. De-dollarization of their trade is perfectly logical.

 

[ClosingADoor]

They are taking the exchange rate at time of delivery. So is the deal still made in dollars on paper in the contracts and then transferred in euro?

 

[NYCmetsfan]

In 2001, Iraq began selling their oil in the Euro. The US then invaded.

In 2010 Gaddafi proposed a new currency called the Gold Dinar to replace the dollar for oil sales. The US bombed the shit out of his country and caused a regime change.

Syria moved away from the Dollar in 06 and Iran in 08.

That is what this is all about. There are other geopolitical objectives such as the pipeline that Syria signed with Iran instead of the US friendly Qatar, but the Petrodollar is the king. It is literally the only reason the dollar and US economy is stable. The entirety of the Western financial elite need the Petrodollar system and they are willing to go to war over it.

LOL

Because we didn't fight Iraq in 1990 and have a nofly zone for a good decade.

Gaddafi was openly welcomed in the west in 2010.

The other two countries we haven't gone to war with and the later just got sanction's ended

 

[params7]

Watch out Iran. Dumping the dollar doesnt go well for regimes. Just make sure Russia has your back through and through.

 

[mckmas8808]

LOL

Because we didn't fight Iraq in 1990 and have a nofly zone for a good decade.

Gaddafi was openly welcomed in the west in 2010.

The other two countries we haven't gone to war with and the later just got sanction's ended

People are so silly.

 

[params7]

LOL

Because we didn't fight Iraq in 1990 and have a nofly zone for a good decade.

Gaddafi was openly welcomed in the west in 2010.

The other two countries we haven't gone to war with and the later just got sanction's ended

The plan to topple Saddam started appearing in neocon agendas a few years after Saddam expressed his intentions to trade in Euros. Which is of course was followed by a full scale invasion built on fabrications.

And I wouldn't call it an open welcome when the man couldn't even pitch a tent. Trump let him and then faced heat from media.

 

[FreedomFighter]

LOL

Because we didn't fight Iraq in 1990 and have a nofly zone for a good decade.

Gaddafi was openly welcomed in the west in 2010.

The other two countries we haven't gone to war with and the later just got sanction's ended

Iraq 1991 invasion were just as shady as 2003. They gave a few reasons (protecting Saudi Arabia from invasion, protecting Americans' lifestyles, and then, after fighting began, the reason changed to "liberate" Kuwait).

But if you follow Brookings and all the other former PNAC folks, you'll see them freaking out about rumblings of Saddam ditching the dollar in run up to 2003 Iraq war.

With Libya, Clinton's emails confirmed the reason for regime change was Gadaffi's plan to introduce of new gold-backed currency.

US has gone to war in Syria by proxy and economic war with Iran since 1979 (and also by proxy from 1980 - 1988).