Iran may cancel use of Euro

Just like previously Iran canceled the use of U.S. dollars for trade with other countries, now it wants ready to cancel Euro as well, Iranian Deputy Foreign Minister for Asia and Pacific Affairs Abbas Araqchi said, IRNA reported.

In 2011, Iran excluded U.S. dollars for using the currency in oil related exports.

Speaking to IRNA in an interview, Araqchi noted that Iran was able to invent new mechanisms with regard to relations with other countries.

Araqchi added that Iran was able to establish its own security and insurance for oil tankers, and this move was later accepted by such countries as Japan, S. Korea and India.

After the oil embargo on Iran was imposed, the Islamic Republic started dealing with its oil importers with different currency, such as rupees (India), yuan (China), excluding the use of U.S. dollars.

Regarding its neighbors, Iran aims to trade with those countries either in their own currency, or its own currency, rial.

"The U.S. thought Iran would not be able to handle the sanctions and country's oil exports would be significantly reduced, however Iran found a way out of the situation," Araqchi noted.

The European Union's oil embargo on Iran came into force on July 1 and a new U.S. law penalizing countries that do business with the Central Bank of Iran by denying their banks' access to the U.S. market came into force on June 28.


/Trend/