Iran may allow oil tankers to pass through the Strait of Hormuz on one condition - CNN
Kyiv • UNN
Iran is considering allowing tankers to pass on the condition that oil is sold in Chinese yuan. Beijing seeks to make its currency dominant in global trade.
Iran is considering allowing a limited number of oil tankers to pass through the Strait of Hormuz, provided that oil cargoes are sold in Chinese yuan. This was reported by CNN, citing an unnamed senior Iranian official, UNN reports.
Details
The source noted that the potential move is being considered as the Islamic Republic works on a new plan to manage the flow of oil tankers through the strait.
The publication indicates that international oil is almost entirely traded in dollars, with the exception of sanctioned Russian oil, which is traded in rubles or yuan.
China has been trying to impose its services to buy oil in yuan for the past few years, especially from Saudi Arabia. But the dollar remains the world's reserve currency, and the yuan is not widely accepted in the global market.
Recall
In February, Chinese leader Xi Jinping called for the yuan to achieve the status of a world reserve currency. Beijing seeks to create a "powerful currency" for international trade and investment.