Iran’s new oil policy could be met with military action by the US

death-of-the-petrodollar
Iran has started charging for its oil exports in euros, instead of in US dollars. A lengthy embargo on Iranian exports was lifted in January. This was after a deal was reached with the US and the European Union over Iran’s controversial nuclear program. With the resumption of exports, Iran is poised to receive many billions of dollars in unpaid invoices from countries such as India. But Tehran has informed its debtors that it wants the bills paid in euros only.

An unnamed source from the North Iranian Oil Company (NIOC) 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 move makes considerable practical sense, given that one of Iran’s biggest markets for general buying and selling is the European Union. Euros will simply be an easier currency with which to trade. However, it also has very serious implications that could heavily damage the US economy.

Read more at www.thecanary.co

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Published in: on February 11, 2016 at 21:56  Leave a Comment  
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