How many times has he brought up China?
Seriously?
"1-Iran accepts Chinese yuan in exchange for oil"
UPDATE 1-Iran accepts Chinese yuan in exchange for oil | Energy & Oil | Reuters
ABU DHABI May 8 (Reuters) - Iran is accepting yuan for some of the approximately $20 billion worth of crude the OPEC member supplies to its main client, China, annually, an Iranian diplomat said on Tuesday, as the two countries try to maintain trade ties despite Western sanctions.
U.S. sanctions against Iran have made paying for its crude with hard currency difficult for top oil customers including China and India, forcing them to look for alternatives.
The U.S. dollar and euros are the two main currencies used in the global oil trade.
But tougher Western measures aimed at pressuring Iran to halt its nuclear programme have forced importers of Iranian oil to pay in the Korean won and the Japanese yen.
The Financial Times on Monday reported that China for months has been transferring renminbi to Tehran through Russian banks to pay for Iranian crude. OPEC's second largest oil producer was using the currency to spend on goods and services imported from China.
Initially, the non-barter portions of the transactions were settled in Beijing through renminbi accounts but, as a result of U.S. pressure, domestic banks such as Bank of China had stopped dealing with Iran, the newspaper said, citing unidentified industry executives.
"Yes, that is correct," Mohammed Reza Fayyaz, the Iranian ambassador to the United Arab Emirates, told Reuters when asked to comment on the report.
THE LAST COUNTRY WHO THREATNED To not use $US Dollars
WAS IRAQ
CNN.com - U.N. to let Iraq sell oil for euros, not dollars - October 30, 2000
ctober 30, 2000
Web posted at: 8:45 PM EST (0145 GMT)
UNITED NATIONS (Reuters) -- A U.N. panel on Monday approved
Iraq's plan to receive oil-export payments in Europe's single currency (Euros)after Baghdad decided to move the start date back a week.
Members of the Security Council's Iraqi sanctions committee said the panel's chairman, Dutch Ambassador Peter van Walsum, would inform U.N. officials on Tuesday of the decision to allow Iraq to receive payments in euros, rather than dollars.
U.N. Secretary-General Kofi Annan's office is to report in three months on the impact of the switch to euros, which a U.N. study said would cost Iraq at least $270 million.
Iraq's U.N. Ambassador Saeed Hasan reported earlier that Baghdad would delay the changeover until after Nov. 6, rather than put it into effect on November 1, as originally announced. Iraq has called the dollar the currency of an "enemy state."
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Hasan said the delay would give the United Nations time to make arrangements for the change, as it requested.
Iraq had also threatened to stop oil exports, the bulk of which flow through the U.N. humanitarian programme, if its request for payment in euros was denied.
connect the dots junior