Iran Economy NewsUAE cbank dismisses Iran idea of dirham oil trade

UAE cbank dismisses Iran idea of dirham oil trade

-

Reuters: The United Arab Emirates central bank governor dismissed on Tuesday reports that Iran may seek payment in dirhams for its oil exports to Europe to get around sanctions, saying the UAE had no time for jokes.

By Raissa Kasolowsky

UAE central bankDUBAI, July 20 (Reuters) – The United Arab Emirates central bank governor dismissed on Tuesday reports that Iran may seek payment in dirhams for its oil exports to Europe to get around sanctions, saying the UAE had no time for jokes.

An Iranian official said on Sunday Tehran was discussing internally the idea of switching to dirhams from euros as a possible way to deal with tougher EU sanctions that could block Iranian transactions in the single European currency.

“Is this a joke? We have no time to entertain jokes,” Sultan Nasser al-Suweidi said in a response sent to Reuters by email by his office following a request for comment on the reports.

Analysts say the United Arab Emirates, a U.S. ally and major oil exporter whose ties with Iran are already strained, would likely resist such a change given its wish to avoid being sucked deeper into the dispute over Iran’s nuclear ambitions.

Diplomatic relations between the UAE and Iran, which have strong trade links, are growing increasingly fraught. Gulf Arab governments sharing Western fears Iran could become a nuclear weapons state.

Earlier this month, the UAE ambassador to Washington appeared to suggest that Abu Dhabi would support the U.S. using force to stop Iran’s nuclear programme, although the UAE’s state news agency later said his remarks were taken out of context.

This year has also seen a war of words between the UAE and Iran over three Gulf islands that both countries claim as their territory but which are controlled by Iran. Arab states broadly back the UAE claim to the islands, which lie close to shipping lanes used for oil and gas export.

The dollar is the standard currency for oil trade, but Iran had shifted to the euro for European deals in response to many years of U.S. sanctions against the Islamic Republic.

Last month Europe also toughened its sanctions against Iran in a stepped-up international effort to make Tehran suspend a nuclear programme which the West suspects is secretly designed to develop atomic bombs. Iran says it seeks only civilian energy from its uranium enrichment process. (Editing by Jon Loades-Carter)

Latest news

Growing Disintegration Among Iran Regime’s Forces

Iran has been shaken by a wave of nationwide protests since mid-September. The trigger was the death of the...

Grim Tidings for Iran’s Regime After Approval of UN Fact-Finding Mission

After many discussions and debates, the United Nations Human Rights Council has approved a fact-finding mission to investigate the...

Iranian People’s Resistance Changed the Appeasement Policy

Soon after the new US government started its obligations in January 2021, hand in hand with the European governments...

Khamenei’s Disgraceful Campaign Against Piranshahr and Javanrud, Who Will Be the Loser?

On the 67th day of Iran’s revolution, the Iranian regime attempted to put a halt to the protests in...

Iran: Expensive Medicine, Cheap Human Life

A look at the equipment and weapons that the Iranian regime has been using against its people to suppress...

Who Is Abolqasem Salavati Iran Regime’s Killer Judge?

Last week, it was announced that the case of several people who were arrested during the Iranian People's uprising...

Must read

Official: Israel, US disagree on Iran timetable

AP: Israel and the US disagree on what would...

EU Countries Call on UN to Investigate Iran Missile Programme

By Pooya Stone Britain, France and Germany have accused...

You might also likeRELATED
Recommended to you