adminnot have even one single rial (Iran’s currency unit) in Europe,” the source said. He described the embargo as a tool used by the West to wage psychological war on Iran.
The United States imposed additional sanctions against Iran’s financial sector in late December. US President Barack Obama authorised a law on New Year’s Eve imposing fresh sanctions on financial institutions that deal with the Central Bank of Iran, Tehran’s main clearing house for oil payments.
The US has also persuaded the European countries to impose the same embargos against the CBI. The extra US sanctions aim to squeeze Iran’s oil sales, most of which are processed by the CBI, although many even in the West believe that the move would prove futile. Iran has replaced the dollar in its oil trade with India, China, Russia and Japan.
Late in November, the Reserve Bank of India (RBI) issued the needed permission to the Central Bank of Iran to open rupee accounts with two Indian banks, namely UCO and IDBI, as a long-lasting solution to the two countries’ payment problems. Both accounts were opened in the respective banks’ Mumbai branches.
Russia, opposing oil sanctions against Iran, has long promoted the ruble as an international currency which could be used in bilateral settlements. – Fars News Agency.
Online Reporter
- Herald
- June 4, 2026
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