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- Third step: Iran officially informs EU of plan to expand nuclear R&D
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- Iran goes ahead in space tech, despite US sanctions: ISA
- Resistance Front undermining Israeli regime power: Top commander
- Iran: 7 crew members of detained UK ship freed
- US addiction to sanction threaten its power: Iran’s Zarif
- Dutch role in 2007 Stuxnet attack on Iran’s nuclear site under scrutiny: Iraian FM Spox.
- Iran: ‘Sustainable Security 2019’ kicks off in Caspian Sea
- Iran’s Zarif leaves Tehran for Moscow
- Shiraz University ranked 1st in liver transplantation: Iranian health official
- Japan’s Abe to meet Iran’s president to discuss easing tension in region
- Downing of US spy drone shattered war threats against Iran: Top IRGC commander
- IAEO head reports development of first ion-therapy hospital in west of Asia
- Iranian Taekwondo team wins 2019 World Cup championship
- US sanctions failed to force Iran to buckle: Report
- Crew fixing Iran oil tanker broken down in Red Sea
- As Iranians hold nerves, US seeks to scare off trade
- Leader expresses concern about Kashmir, urges India to follow fair policy toward Muslim-majority region
- Iran saffron exports down due to smuggling, government restrictions: Exporter
- Iran FM warns US against ‘serious miscalculation’ in Persian Gulf
- Iran’s resistance policy led to release of oil tanker: MP
- Iran in reverse brain drain as top students come home in rising numbers
- Iran official calls for compensation for tanker seizure
- Iran hails N Korea for standing against ‘unilateral’ US demands
- Shia Muslims celebrate Eid Al-Ghadir
- North Korea praises Iran’s anti-US struggle
- Zarif says to meet French president Friday
- Iranian court hearing case of UK oil tanker
- Over half of Japanese voters oppose joining US-led anti-Iran coalition in Persian Gulf: Poll
- IME trade ups by 21 percent in July
- Finland backs INSTEX in defiance of US
- US anti-Iran policy in high seas harms Europeans: LA Times
- Iran, China confer on Syria
- Iran, Finland share views on Persian Gulf dialogue forum: Zarif
- Iran warns US against seizure of oil tanker
- Iraq eager to benefit from Iranian Police’s experience
- Iran planning 3rd step to reduce nuclear commitments: Spokesman
- Leader grants clemency to over 1,000 Iranian inmates
- Registration for Arbaeen Pilgrimage to begin in Iran on Friday
- Iran, Iraq agree to reopen Khosravi border crossing
- Iran deplores suicide attack at Kabul wedding hall
- Iran to hold int'l hand-woven carpets expo
- Zarif meets with Iran-Kuwait Friendship Group members
- Adrian Darya oil tanker not under any sanctions, says Iran envoy
- ‘Iran to stay in nuclear deal as long as its interests are met’
- India envoy happy with positive trend of trade with Iran
- Iran’s annual export of white meat tops 2.5m tons: Minister
- Iranian scientist discovers new state of matter
- Iran, Japan diplomats discuss bilateral ties
- Iran, Ansarullah, European representatives Yemen developments
- ‘Iran to become self-sufficient in producing aircraft engines'
- US issues seizure warrant for Iranian supertanker 'Grace 1'
- Neanderthal tooth unearthed near Iran’s Zagros mountain
- Iran’s Zarif due in Kuwait on Saturday
- US faces humiliating defeat after Gibraltar releases Iranian tanker: Envoy
- Spokesman rejects claim on Iran’s commitment in exchange for tanker release
- Zarif reacts to release of Iranian tanker in Gibraltar
- Israel, UAE engaged in secret talks on Iran arranged by US: Report
- US threatens visa ban as Iranian-operated tanker sets to sail from Gibraltar
- Enemies must factor Iran's global power in their calculations: IRGC's chief commander
- Trump’s administration conflicting messages to Iran baffle go-betweens: Report
- Gibraltar releases Iran-operated tanker despite US pressure
TEHRAN, May 16 - The European Union plans to switch to the euro for oil purchases from Iran, eliminating the US dollar as the two sides work to protect bilateral trade against possible American sanctions, a Russian report says.
TEHRAN, Young Journalists Club (YJC) - “I’m privy to the information that the EU is going to shift from dollar to euro to pay for crude from Iran,” the website of Russian news channel RT said on Wednesday, citing a diplomatic source who spoke to Sputnik news agency.
Iran exports about 450,000 barrels per day (bpd) of crude oil to Europe and around 1.8 million bpd to Asia. The country has boosted its oil production nearly 1 million bpd since the nuclear deal lifted Western sanctions in January 2016.
US Treasury Department has instructed countries to make significant cuts to their imports over the next six months to be considered for potential sanctions relief. The US government has said the sanctions on Iran will go back into force from November 5.
Iran's main oil clients in Europe are Italy, France, Greece, Spain, Poland and Turkey.
Turkey is the biggest importer with 250,000 bpd, followed by Greece at 120,000 bpd and France between 70,000-100,000 bpd.
Western analysts think an estimated 500,000 bpd of Iranian exports will be disrupted by November this year, but Iran's veteran Minister of Petroleum Bijan Zangeneh has said shipments will not be affected.
“Trump’s decision will not have any impact on our oil export … that era is history now,” Zanganeh said recently.
Iran’s Foreign Minister Mohammad Javad Zarif met with his British, French and German counterparts in Brussels on Tuesday to discuss mechanisms for keeping bilateral trade on track after US withdrawal from the 2015 nuclear deal.
EU foreign policy chief Federica Mogherini said EU experts were aiming to come up with concrete proposals in the coming weeks on nine key issues including ensuring Iran could sell its oil and gas products and have access to international finance.
Mogherini acknowledged the enormous challenge of finding a way around US sanctions punishing businesses trading with Iran.
"We know it's a difficult task but we are determined to do it and we have started to work to put in place measures that help ensure this happens," she told reporters.
EU experts have already started work on measures to get round US sanctions on Iran, Mogherini said.
President Donald Trump’s decision to pull out the US from the nuclear deal and reimpose sanctions has also added fresh momentum to efforts to start trading oil in yuan following China’s launch of crude oil futures.
China is the world’s biggest importer of crude oil and also the biggest buyer of Iranian oil, with the recent boost in Shanghai futures partially attributed to the sanctions decision.
Iranian officials have already reiterated that they prefer the country's future transactions to be carried out in the currencies other than the dollar.
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