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News // Russia

Europe plans to eliminate US dollar transactions for its oil purchases from Iran

17 May 2018 , 16:06Neftegaz.RU647

Brussels, May 17 - Neftegaz.RU. The EU is planning to switch from US dollars to Euros in payments when it comes to making payments to Iran for its crude oil.


European countries are considering dumping the dollar in favor of the euro when it comes to making payments to Iran for its crude oil, Russian media reported, citing a diplomatic source who had knowledge of the development.


The Iranian Foreign Minister Mohammad Javad Zarif held a meeting with the Foreign Ministers of France, Germany, the United Kingdom as well as EU Foreign Policy Chief Federica Mogherini in Brussels to discuss the ways to guarantee the interests of Iran and other remaining signatories of the JCPOA. 


The Iran nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), was sealed 3 years ago in Vienna between Tehran and the P5+1 powers (China, France, Russia, UK, US, and Germany).


Federica Mogherini said on May 15, 2018, that after talks with the foreign ministers the sides had agreed to work out solutions in response to the US withdrawal from the Iran nuclear deal, within the next few weeks. She said that EU experts were aiming to come up with concrete proposals on 9 key issues including ensuring Iran could sell its oil and gas products and have access to international finance.


Iran's main oil clients in Europe are Italy, France, Greece, Spain and Poland.


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