Iran Just Stuck a Major Blow Against the US Dollar

February 8, 2016   |   admintam

Brandon Turbeville
February 8, 2016

(ACTIVISTPOST) Even with a number of U.S. sanctions against Iran coming to an end, the Iranian government has recently made a very important decision in regards to its oil payment system and it could spell bad news for the United States. This is because Iran has apparently decided to no longer accept the U.S. dollar for payment on both its new and outstanding oil sales. Instead it will receive its payment in euros.

Reuters has cited an official from the National Iranian Oil Company (NIOC) as stating that the new plan will apply to “newly signed deals” with France’s Total, Russia’s Lukoil, and Spain’s Cepsa.

Reuters quotes the official as saying that “In our invoices we mention a clause that buyers of our oil will have to pay in euros, considering the exchange rate versus the dollar around the time of delivery.”

In addition, Iran is also informing its trading partners, including India, that owe billions of dollars that it now prefers to be paid in euros instead of dollars.

“Iran shifted to the euro and cancelled trade in dollars because of political reasons,” the official source said, pointing out that this policy was concocted during the time of the sanctions.

Hossein Yaqoubi-Miab, the director for international affairs department of the Central Bank of Iran (CBI), has stated that plans have already been made to receive the euro payments from India which total about $6.5 billion.

Reuters also mentioned that India is currently working on a system that would involve the United Commercial Bank (UCO) and the IDBI Bank handling the payments to Iran.

The new Iranian policy of receiving payments in euros as opposed to dollars is one that is likely to upset the United States who has maintained relative dominance as the world reserve currency for decades, a position that has gradually begun to erode as free trade and global empire have caught up with the dwindling superpower.

Thus, the Iranian currency policy will be yet one more blow to the dollar as the world reserve currency and might possibly be a catalyst for further antagonism toward Iran on the part of the United States.


This article (Iran Just Stuck a Major Blow Against the US Dollar) originally appeared on ActivistPost.com and was used with permission. Anti-Media Radio airs weeknights at 11pm Eastern/8pm Pacific. If you spot a typo, email edits@theantimedia.org.

Author: admintam

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62 Comments

  1. Expect the US to invade Iran very soon. This is the real reason we invaded Iraq; it had nothing to do with terrorism or wmd's. The US dollar is only of value because it is used as the default energy currency around the world. Countries such as China and India sit on BILLION$ to purchase energy resources (oil, nat gas, etc), and will dump the Dollar if bourses change to the Euro.

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  2. china and russia have alreday bypassing the USD. I doubt they would get invaded. Iran can do this because iran got china and russia on their back

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  3. Andrew C Can I agree with you and have amended my post to suggest that things have changed.

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  4. So we go and kill these towel heads and fucking take it ..no shit are Givin about us so none should be Givin …and I'm sprites our turbine topping piece of shit president could agree too something with his cousins

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  5. Libya is another example of the US intervening (putting in mildly) when a smaller petro producer decides not to accept USD. Jumping in bed with the Russians was a smart move by Iran. With fewer oil producers using the petrodollar it will give Saudi Arabia even more leverage over the US, If the Saudias flip to Euro that would cause some major problems for the USD and I am sure they are wellaware of that and use it to their full advantage.

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  6. Didn't this happen a while back? (about a year or more ago), and within a day, Iran signed a defense pact with China?

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  7. And your face is in the path! Watch out, eventually it will affect you.

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  8. Please go and enlist. I already have a warm feeling with the possibility that you could die at the hand of a towel head instead of another red neck at your local bar.

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  9. Tristan Patterson you guys are fucking idiots i allready have 11 million dollars so both of shut up

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  10. Why would other countries bother to mock the US, when we have uneducated tools like you, Chris, doing that just fine?

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  11. Over 30 dollar a barrell oil. Not likely. If Iran wants to trade their oil for pieces of worthless paper, why stop them. Somewhere in India bankers are high fiving.

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  12. Greg Gardenour Yep, the US killed Gaddafi because he wanted to start a "All Africa" bank to throw off the chains of fascist western financial oligarchs. Our neocon foreign policy is about forcing countries via invasions and assasinations to allow us to pillage their economies to support massive profits for our energy and MIC companies.

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  13. Chris Grant I'm surprised you have enough brains in that puny head to even breathe or eat. Myopic, imperialistic, racist exceptionalism is at the heart of everything that is wrong with this country.

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  14. Frank Young Jr. Actually, it does the country a huge disservice for ignorant racists to join our armed forces. Probably better if he sits in his mother's basement on food stamps away from any weapons other than his filthy mouth.

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  15. No, they are taking control of their resources and fighting the US economic energy hegemony. Good for them!

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  16. Petro dollar shifting Petro euro now or something?
    So why can't india pay in INR (Rupees) instead of Euros? China in Yuans and Russia in roubles?

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  17. You are a sick pecker head idiotic fuck. Do you inderstand that english. It´s people like you that make the world the sick place it has become.

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  18. the quote mentioned the reason as 'political', but i have to believe it is also due to the decline in the US Dollar due to confidence in it retaining true value. After all….. what really backs the USD? Not gold or silver or anything material, just the Federal Reserve Bank & their Bankers?; Their word for it that there is value in their printed paper and computer generated numbers? Why would any other nation gamble their worth and value on the mere word of any Federal Reserve Banker that the USD will retain it's global value when they all know it is only because of PetroDollar pressure that there exists the value in it today? jus'think'n

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  19. I can't blame Iran for anything it does against the U.S., and as a U.S. citizen, I stand by & respect progressive Iranians (who suffer under the will of religious madmen). Now, maybe we can convince our (dubious) leaders to explore alternative energy options (and get off the teet of big oil). Just think how many people would still be alive today if not for our addiction to oil.

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  20. I can't blame Iran for anything it does against the U.S., and as a U.S. citizen, I stand by & respect progressive Iranians (who suffer under the will of religious madmen). Now, maybe we can convince our (dubious) leaders to explore alternative energy options (and get off the teet of big oil). Just think how many people would still be alive today if not for our addiction to oil.

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  21. This is why we need to elect Bernie Sanders, pronto! Enough of our young people have been killed in the name of greed, and another war is the LAST thing this country needs.

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  22. And you ignorant fuck will be the cause of our nation's downfall farther than it already is …. this is America not Africa or Iran or Germany …fuck aliens and wet backs alike … And fuck you ignorant lazy people ..about just as bad as niggles …and I hope trump does come into office and send all the illegals and refugee towel heads the fuck back home

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  23. Now watch how many more useless people go on here to read comments and run there cock suckin lips ,

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  24. There is also the question of debts…..oh can't pay?….crash, there goes the hard currency.

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  25. The only stuff that now has value is made in Germany….the rest has become fake mirages of quality and value.

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  26. Frederick R Reed 15 million you say? and still can't spell? Hmmmmm, is that your sperm count?

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  27. Alex Taunton you can say whatever you want i dont care it is my cash i earned and i dont care maybe you should get out of your parents basement and do something with your life you guys are jelious i made my money off oil and gas and when it comes around again i will do it again

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  28. Jason Birkenshaw my brother has his phd in mechanical engineering and he has the worst spelling ever

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  29. Valerie Spino Newcomb : The euro is not just "pieces of worthless paper" … at least our bills don't have Mr Burns' eye or "in Fraud we Trust" on them…

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  30. If my cheque bounced they may just put me in jail, but the Feds don't seem to mind when I can't exchange my $1for a dollars worth of gold in their banks

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  31. look at every coutryhat took money from America ty get pounded by a revolution. Iran is next they let us in thier back yard agian by acceptng 1.5billion. look for another iranian revolution, agian.

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  32. Why can't you stupid racists ever string a comprehensible sentence together? Forget about going into the military, go back to school and get an education.

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  33. Valerie Spino Newcomb The euro??? "Worthless paper"? LOL! Maybe you should look at the exchange rates.

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  34. This is a direct result of the oppressive tactics of the United States Government leaders. This was bound to happen eventually because we have leaders with too much ego and self proclaimed reasons why they should be respected around the world. No one is respected when you act like the scum that the Bush's have, the Clinton's, Cheney, Obama, Eric Holder and there is sucha long list of this trash that i won't even go on listing them. It is too bad that we all have to suffer along with these pieces of shyt that have ruined our country. Can't we just make a deal to turn them over to the Muslims? They would know just what to do with them and i am betting these are the real people they are mad at anyways…not the American people who are much more humble than these pigs who have committed genocide against the Muslims and several other populations around the world. It is time for them to go no matter how we look at it.

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  35. This is a direct result of the oppressive tactics of the United States Government leaders. This was bound to happen eventually because we have leaders with too much ego and self proclaimed reasons why they should be respected around the world. No one is respected when you act like the scum that the Bush's have, the Clinton's, Cheney, Obama, Eric Holder and there is sucha long list of this trash that i won't even go on listing them. It is too bad that we all have to suffer along with these pieces of shyt that have ruined our country. Can't we just make a deal to turn them over to the Muslims? They would know just what to do with them and i am betting these are the real people they are mad at anyways…not the American people who are much more humble than these pigs who have committed genocide against the Muslims and several other populations around the world. It is time for them to go no matter how we look at it.

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  36. You're obviously a very intelligent person I've been saying this for almost a decade now and no one listens. You're only the second other person I know of that has figured out the real reason for war in Iraq

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  37. Chris Grant You do understand that America was founded by immigrants, right? I have a feeling you didn't know that, because that information is found inside of books, and you don't seem like you read those.

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  38. Alex Taunton, and not a single one did so freely, on the backs of hard workers.. No, those immigrants understood the importnce of personal responsibility and the obligation had to one's self when it came to the founding of this nation… They didnt come here expecting handouts… Comparing what chris is talking about to our founding fathers is such a cop out that youd expect from a child to lazy to think…

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