Iran May Switch to U.A.E. Dirhams From Euro for Oil Sales, Oil Daily Says - Bloomberg

Iran is considering switching to the United Arab Emirates’ dirham from the euro for its oil sales to Europe to limit the impact of new sanctions, International Oil Daily reported, citing two unidentified industry executives.

National Iranian Oil Co. has been communicating with European customers about the change without making a final decision, the newsletter said. The country currently prices its exports in U.S. dollars, the Oil Daily said.

Iran may not be able to persuade European customers to make the switch because of unfamiliarity with the dirham, which is pegged to the U.S. dollar, the publication said.