Europe to ditch US dollar in payments for Iranian oil

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RT: The European Union is planning to switch payments to the euro for its oil purchases from Iran, eliminating US dollar transactions, a diplomatic source told RIA Novosti.

Brussels has been at odds with Washington over the US withdrawal from the Iran nuclear deal, which was reached during the administration of Barack Obama. President Donald Trump has pledged to re-impose sanctions against the Islamic Republic.

“I’m privy to the information that the EU is going to shift from dollar to euro to pay for crude from Iran,” the source told the agency. more …

Opinion: The EU making a pact with the devil.

Under the Obama-led nuclear deal Iranian sanctions previously imposed by the UN, US and EU in an attempt to force Iran to halt uranium enrichment were lifted. Instead of crippling Iran’s economy, Iran gained access to $100 billion in assets frozen overseas, and was able to resume selling oil on international markets and using the global financial system for trade resulting in another $160 billion in oil revenue.

If the EU and Iran work out a deal to buy oil in any other currency but the US dollar, a major break between the US and EU will be on the horizon, and with it a threat to the US dollar’s reign as world reserve currency.

According to the Free Beacon, the Trump administration is examining a new plan to help Iranian citizens fight the hardline regime.

The three-page white paper being circulated among National Security Council officials in the White House offers a strategy by which the Trump administration can actively work to assist an already aggravated Iranian public topple the hardline ruling regime through a democratization strategy that focuses on driving a deeper wedge between the Iranian people and the ruling regime (source).

A collapse in US/EU relations would have unthinkable results for the economies of both parties.