Exclusive: Iran wants euro payment for new and outstanding oil sales – source

A general view shows a unit of South Pars Gas field in Asalouyeh Seaport, north of Persian Gulf, Iran November 19, 2015. Reuters/Raheb Homavandi/TIMA

 

 

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 U.S. 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.

Russia’s Putin drafts bill to dump dollar, euro from CIS trade

A statement from the Kremlin said that Putin submitted to the State Duma a draft federal law which seeks an integrated currency market in the CIS.

China stocks plunge over 3% by break on Wednesday

The benchmark Shanghai Composite Index plunged 3.12% to close at 3,631.4 points.

Dollar No More

 

Countries and international groups that have switched from US dollar to national currencies in trade.

Iran’s central bank stops US dollar transactions, adopts RMB

Iran’s central bank has announced that it will stop mutual settlements in the US dollar with other countries, with the Chinese yuan or renminbi being named as one of the alternatives.

Iran Joins Growing List of Countries to Ditch Dollar in Foreign Trade

MOSCOW, January 24 (Sputnik) – Iran no longer uses the US dollar in foreign trade transactions, replacing it with other currencies, the deputy governor at Iranian Central Bank told the Tasnim News Agency Saturday.

Hartz IV for Everyone

BERLIN/BRUSSELS/WASHINGTON (Own report) – New records in German foreign trade are provoking massive international criticism of Berlin’s concentration on exports. According to reports, the German economy has achieved a foreign trade surplus of 20.4 billion Euros in September – a new record. It is estimated that for 2013, German companies’ exports will exceed by around 200 billion Euros the amount imported. That is the world’s highest national import-export gap. Protests are growing because many of the customer countries for German products thereby are driven into debt, as was the case in the crisis countries of the southern Euro zone. Other than the EU Commission threatening Berlin with an official reprimand, the US Secretary of Finances is accusing the German government of threatening the stability of the global economy. The IMF is also emphatically insisting that Germany rein in its export offensive. It is based on the low-wage policy, initiated by the SPD-Green government coalition – and continued by the CDU-SPD grand coalition – which provides a decisive competitive advantage to German industry. During those administrations, Germany was the sole EU nation with decreasing real wages.

China plans Maritime Silk Road with ASEAN nations: Report

China is the 10-member ASEAN group’s largest trading partner, with the two-way trade exceeding $400 billion last year

China proposes to build a Maritime Silk Road with Southeast Asia countries where it is locked in a vexed dispute over the South China Sea to boost its foreign trade, state media here reported today.

The Maritime Silk Road (MSR) formed the basis the plans to enhance trade between China and ASEAN countries during the current visit of Chinese President Xi Jinping to Indonesia and Malaysia where he stated the MSR would help turn the “Golden Decade” between China and the region into “Diamond Decade”.