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February 7, 2016 10:13 am

Iran Wants Billions Owed in Oil Sales Paid in Euros, to Reduce Dependence on US Dollar

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Euros. Iran wants to recover tens of billions of dollars it is owed in euros Photo: ETF.

Euros. Iran wants to recover tens of billions of dollars it is owed in this currency, to reduce dependency on US dollar. Photo: ETF.

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 US 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.

Read full story at Reuters.

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