NEWSFLASH: UN Approves Iraq Oil Payment Request

Published: Tue 31 Oct 2000 02:08 PM
The UN sanctions committee has authorised Iraqi crude oil exports to be paid in the European currency the Euro, instead of in US dollars.
All revenue from Iraq's crude oil exports are handled by the UN under the sanctions regime imposed on Iraq after it invaded Kuwait in 1990.
Iraq had made the request for the switch to pricing in Euros after describing the US dollar as "the currency of an enemy state."
If other Arab nations follow there could be a dramatic impact on the value of the US dollar.

Next in Comment

Gordon Campbell on the Saudi oil refinery crisis
By: Gordon Campbell
Gordon Campbell on China and Hong Kong, and Boris
By: Gordon Campbell
Trump authorises use of emergency crude stockpile
By: BusinessDesk
MARKET CLOSE: NZ shares fall; high oil prices weigh
By: BusinessDesk
NZ dollar edges higher as concerns over Saudi attack ease
By: BusinessDesk
Saudi attacks: Global oil prices spike, petrol uncertainty
Q+A: Megan Woods interviewed by Jack Tame
$US6.50 per Barrel increase for petrol
By: Gull Petroleum
Oiling for War: The Houthi Attack on Abqaiq
By: Binoy Kampmark
Last Chance: Back From The Brink HiveMind
By: HiveMind
Gordon Campbell on the Hong Kong protest movement
By: Gordon Campbell
Internet shutdowns will further hurt Hong Kong
By: Access Now
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media