Brazil May Ditch Dollar in Trade with Iran
TEHRAN (Tasnim) – Brazilian Trade Minister Armando Monteiro said his country might accept payment from Iran in euro and other currencies, not dollar, in an attempt to bolster the Islamic Republic’s trade.
Brazil will accept payment from Iran in euros and other currencies for planes, cars and machinery to sidestep lingering US sanctions on the oil-rich nation and also strengthen Iran’s economy, Monteiro told Reuters on Tuesday.
Everyone is racing after Iran now ... The trade potential is very big," said Monteiro. "We will find ways to settle payments, the type of payment and currency."
Monteiro said Brazil aims to triple trade flows with Iran to $5 billion by 2019.
Elsewhere in his remarks, the trade minister said Brazilian President Dilma Rousseff could visit Iran this year to bolster exports.
After Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 finalized a comprehensive deal on Tehran’s nuclear program and implemented it on January 16, Iran has sought to settle debts and sell oil in euros to reduce its dependence on the US dollar.
The comprehensive nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), terminated all nuclear-related sanctions on Iran after coming into force.
