October 3, 2007 (LPAC)--Under increasing pressure from the United States, which is waging financial warfare against the country, Iran has decided to further reduce the share of oil transactions conducted in dollars. As reported by AFP and Iranian wires today, only 15% will be done in dollars. Mohammad-Ali Khatibi, deputy head of the National Iranian Oil Company in charge of marketing, was quoted on state television saying, "Iran is selling about 85% of its oil in the non-dollar currencies. Currently, about 65% of the oil sale income is in euros and 20% in yen," Khatibi added.

Japan, which buys 20% of Iran's crude oil, recently agreed to pay in yen, he said. Khatibi also cited the United Arab Emirates dirham as one other possible currency for use in oil transactions.

Khatibi said the main reason for the move was fluctuations of the dollar on the currency markets and the depreciation of its value since 2004. It should be added that, due to U.S. pressure on foreign banks dealing with Iran, the country has had difficulties in making dollar transactions.