Iran is another country that has made an attempt to move away from the US dollar. The country has announced its intention to sell oil in yuan. Earlier, Iran was trying to sell oil in euros.
The Russian mass media explained that Iran’s actions made the United States face serious competition in maintaining its market share. However, the Iranian authorities do not want to refuse from cooperation with the West. Their aim is to become less dependent on the US currency. Moreover, an opportunity to receive oil payments in euros, yuan and other strong currencies will distinguish Iran from other oil producers.
In fact, during the period of sanctions, Iran had produced a lot of oil and filled all storage tanks. That is why now, it is ready to sell oil for euros, yuan, yen, and even Mongolian tugriks to find more purchasers and start regular oil delivery.
However, there are still some restrictions that had been imposed in an effort to curb Iran’s nuclear program. Moreover, the United States and the European Union can reimpose sanctions at any moment. Thus, it is a rather controversial issue whether Iran will switch to euro or other currencies or not. At present, only Russia is making an attempt to move away from the US dollar.
