Iran to quit using euro

Iran plans to stop using euros for foreign trade, Deputy Foreign Minister for Asia and Oceania Abbas Arakchi said, Trend reports today.

Iran quit using dollars for oil exports in 2011. It is capable of ensuring petroleum tankers the way Japan, South Korea and India do. Iran sells oil for Indian rupees, Chinese yuans and may use other currencies, including rials.

Foreign ministers of 27 EU states met in Brussels on January 23 and approved the embargo on Iranian oil exports. The new package of sanctions includes a gradual ban on imports of petroleum from Iran. The embargo came into full force on July 1.