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The European Union is considering a switch to euro for oil payments to Iran in order to bypass the looming U.S. sanctions, which are likely to get re-imposed later this year as President Trump pulled the United States out of the Joint Comprehensive Plan of Action (JCPoA), better known as the Iran Nuclear Agreement earlier this month.
Europe which has been working with other partners of the agreement and Iran since Trump’s decision has already taken up steps to protect European companies from U.S. sanctions is the third largest consumer of Iranian oil after China and India. The EU reportedly activated a mechanism in the treaty, which makes it illegal for EU companies to abide by U.S. sanctions.
Iran, for its part, has already ditched the dollar. In mid-April, the country announced that it would report foreign currency amounts in euro rather than the dollar and it signed a deal with Russia that would see payments for oil made in goods instead of the dollar.
