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Iran could Avoid Economic Blow of US Sanctions by Accepting Chinese Yuan

Oilprice.com -- The Iranian currency shuffle continued again this week as Tehran announced it would take the Chinese yuan as payment for crude oil deliveries from its trading partner in Beijing. While the U.S. secretary of state was in New Delhi convincing one of Tehran's more faithful clients to back away from Iranian crude, Iranian officials were warming to the yuan to process the roughly $20 billion worth of crude oil it sells to China every year. Deadlines for Iranian sanctions are fast approaching, but in a global economy still fueled by petroleum, customers may turn to gold if they need to in order to keep Iranian crude oil flowing.

U.S. and European sanctions targeting Iran go into force this summer. Earlier, in March, Washington gave exemptions to 10 members of the European Union and Japan(more)

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Submitted May 09, 2012 By: NOTSOGRN

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honda0105 Champion Author Tallahassee Posts:18,609 Points:1,608,545 Joined:Nov 2008	Message Posted: May 14, 2012 5:43:58 AM Ignore honda0105 Report Abuse China is the preferred trading partner for Iran right now TekW. But that's mainly b/c they are the biggest buyer of Iranian oil. No one else likes to buy oil from Iran right now (though some do b/c they have little choice).
TekWare Champion Author Toronto Posts:3,156 Points:671,925 Joined:May 2011	Message Posted: May 10, 2012 1:07:52 AM Ignore TekWare Report Abuse I thought China was most favoured nation? You can't sanction that which people need.
ExplorerWA Champion Author Washington Posts:4,073 Points:796,175 Joined:Feb 2011	Message Posted: May 9, 2012 11:41:08 PM Ignore ExplorerWA Report Abuse China will buy it and probably at low price to boot.
DrCashFlow Champion Author Massachusetts Posts:7,059 Points:1,626,150 Joined:Jun 2008	Message Posted: May 9, 2012 9:18:49 PM Ignore DrCashFlow Report Abuse No brainer
MikeMotorhead All-Star Author Detroit Posts:750 Points:527,090 Joined:Oct 2009	Message Posted: May 9, 2012 4:03:10 PM Ignore MikeMotorhead Report Abuse Iran & China deserve each other!!
SUV2009 Champion Author Orlando Posts:4,408 Points:1,142,240 Joined:Oct 2009	Message Posted: May 9, 2012 3:22:10 PM Ignore SUV2009 Report Abuse ok
MopedTime All-Star Author Michigan Posts:765 Points:359,330 Joined:Mar 2012	Message Posted: May 9, 2012 1:05:08 PM Ignore MopedTime Report Abuse Guess the Iranians will have to consume more inferior products from China. My family wouldn't go near made-in-China food/health products. The Chinese will print more cheap Yuan to pay Iran for real oil barrels. Good move for China; bad for Iran.
CapriceWagon All-Star Author Washington Posts:934 Points:478,095 Joined:Feb 2008	Message Posted: May 9, 2012 12:28:06 PM Ignore CapriceWagon Report Abuse Why we even do business with China is beyond me, what makes Cuba worse than China? They're both communist, neither believe in human rights, what's the difference?
matthwbar Champion Author Toledo Posts:4,058 Points:1,016,830 Joined:Jun 2007	Message Posted: May 9, 2012 12:13:59 PM Ignore matthwbar Report Abuse It's smart...
mageetp Champion Author British Columbia Posts:3,205 Points:625,655 Joined:Aug 2011	Message Posted: May 9, 2012 12:06:06 PM Ignore mageetp Report Abuse Not looking that good, time will tell if the sanctions mean anything.
hibsaw Champion Author Mississippi Posts:8,037 Points:1,680,990 Joined:Feb 2008	Message Posted: May 9, 2012 11:55:31 AM Ignore hibsaw Report Abuse Iran will be a thorn in our side for a long time.
sciotosix Champion Author Dayton Posts:2,744 Points:665,150 Joined:Apr 2011	Message Posted: May 9, 2012 11:51:42 AM Ignore sciotosix Report Abuse Unfortunately, these sanctions usually don't work.
gasper Champion Author Edmonton Posts:4,485 Points:1,368,310 Joined:Mar 2002	Message Posted: May 9, 2012 11:51:16 AM Ignore gasper Report Abuse The UN has failed in all areas and is not a workable organization anymore and money talks loader than what is right or wrong in the world.
Don20 Champion Author Oklahoma City Posts:9,667 Points:2,618,655 Joined:Mar 2005	Message Posted: May 9, 2012 11:51:15 AM Ignore Don20 Report Abuse U.S. and European sanctions targeting Iran go into force this summer. Earlier, in March, Washington gave exemptions to 10 members of the European Union and Japan(more) Exemption to 10 member of European Union, does anyone thing the sanction are going to do any good, with ten countries still buying oil from Iran.??????? My guess it will not have any effect on Iran...
amayne11 Champion Author Vancouver Posts:1,751 Points:499,000 Joined:Nov 2011	Message Posted: May 9, 2012 11:50:54 AM Ignore amayne11 Report Abuse Politics
bobsalwaysmt Champion Author Long Island Posts:4,655 Points:265,590 Joined:Oct 2007	Message Posted: May 9, 2012 11:50:36 AM Ignore bobsalwaysmt Report Abuse Not a reliable currency. Then again, not many are these days!
ScottTee Champion Author Detroit Posts:4,381 Points:1,061,645 Joined:Mar 2010	Message Posted: May 9, 2012 11:50:28 AM Ignore ScottTee Report Abuse it is an increasingly complex economic world we live in
dsw56 Champion Author Kentucky Posts:1,374 Points:563,640 Joined:Dec 2010	Message Posted: May 9, 2012 11:46:41 AM Ignore dsw56 Report Abuse Well said, "ToolKing".
DTrainCanada Champion Author Saskatoon Posts:1,848 Points:1,419,825 Joined:Aug 2005	Message Posted: May 9, 2012 11:46:23 AM Ignore DTrainCanada Report Abuse Interesting ...
chyguy3 Champion Author Wyoming Posts:2,855 Points:859,540 Joined:Sep 2006	Message Posted: May 9, 2012 11:44:33 AM Ignore chyguy3 Report Abuse Everyone is moving away from the petrodollar (US) anyway. Once that happens, watch out, we'll be paying double at the pumps and everywhere else.
bigsranch Champion Author Houston Posts:3,141 Points:1,004,505 Joined:Apr 2007	Message Posted: May 9, 2012 11:43:59 AM Ignore bigsranch Report Abuse We could cut off the Chinese, too, if we had any nerve. They need to deflate their currency by buying dollars as much as we need them to fund our debt.
ToolKing Champion Author Missouri Posts:13,183 Points:2,395,505 Joined:Feb 2006	Message Posted: May 9, 2012 11:43:40 AM Ignore ToolKing Report Abuse Boycott cheep A$$ Chinese goods and go back to making "MADE IN AMERICA" again!
kelly1016 Champion Author Victoria Posts:1,953 Points:352,940 Joined:Oct 2011	Message Posted: May 9, 2012 11:43:21 AM Ignore kelly1016 Report Abuse Perhaps the Saudis could be asked by thier American friends to refuse to sell oil to those who buy from Iran.
tpguess Champion Author San Diego Posts:1,591 Points:370,635 Joined:Jan 2012	Message Posted: May 9, 2012 11:39:53 AM Ignore tpguess Report Abuse Cut them off...
2granny Champion Author Michigan Posts:9,570 Points:1,465,280 Joined:Apr 2009	Message Posted: May 9, 2012 11:39:44 AM Ignore 2granny Report Abuse With all the oil we have why should we care?
INBwana Champion Author Indiana Posts:5,451 Points:695,010 Joined:Apr 2011	Message Posted: May 9, 2012 11:37:40 AM Ignore INBwana Report Abuse China and Iran are in bed together like Obama and OPEC!
yelobus Champion Author Houston Posts:5,594 Points:1,555,865 Joined:Aug 2006	Message Posted: May 9, 2012 11:37:31 AM Ignore yelobus Report Abuse Time for alternative fuel yet?
MrLuigi Champion Author Massachusetts Posts:4,768 Points:965,710 Joined:Jun 2005	Message Posted: May 9, 2012 11:36:35 AM Ignore MrLuigi Report Abuse who's calling the shots here?!!
GManCo Champion Author Colorado Springs Posts:4,991 Points:950,615 Joined:Sep 2010	Message Posted: May 9, 2012 11:34:43 AM Ignore GManCo Report Abuse K
RabunDog Champion Author Georgia Posts:2,995 Points:1,224,285 Joined:May 2009	Message Posted: May 9, 2012 11:33:44 AM Ignore RabunDog Report Abuse ok
Travel1st Champion Author Las Vegas Posts:2,920 Points:470,660 Joined:Aug 2011	Message Posted: May 9, 2012 11:33:42 AM Ignore Travel1st Report Abuse OK
grapevinemcse Rookie Author Fort Worth Posts:42 Points:227,765 Joined:Mar 2011	Message Posted: May 9, 2012 11:32:33 AM Ignore grapevinemcse Report Abuse Thanks to Obama, our government is looking weaker and weaker to other countries. How about we ask Iran to give us oil for free to help us out? Maybe if we said pretty please.
ramshot412 Champion Author Riverside Posts:20,142 Points:2,464,565 Joined:Apr 2004	Message Posted: May 9, 2012 11:32:18 AM Ignore ramshot412 Report Abuse "Canada needs a pipeline to their coast to help the Europeans out. Maybe the Europeans will build it for them in exchange for a great deal." No, but the republicans will help them build one across our country so they can sell their oil to Europe.
Alfied Champion Author Riverside Posts:7,935 Points:1,755,285 Joined:Jun 2001	Message Posted: May 9, 2012 11:31:58 AM Ignore Alfied Report Abuse Yuan is good.
rpr77 Champion Author Philadelphia Posts:3,895 Points:767,285 Joined:Mar 2011	Message Posted: May 9, 2012 11:31:10 AM Ignore rpr77 Report Abuse ok
humancry Champion Author Michigan Posts:4,618 Points:1,002,455 Joined:Nov 2006	Message Posted: May 9, 2012 11:30:07 AM Ignore humancry Report Abuse why am i not surprised
goodbuy Champion Author Michigan Posts:7,663 Points:1,421,005 Joined:May 2005	Message Posted: May 9, 2012 11:29:24 AM Ignore goodbuy Report Abuse End it today, "BOMB THEM"!!
Jkent1953 Champion Author Salt Lake City Posts:1,986 Points:439,960 Joined:Dec 2011	Message Posted: May 9, 2012 11:29:24 AM Ignore Jkent1953 Report Abuse We are losing clout with our lousy governmental fiscal policies.
Blazer197 Champion Author New Haven Posts:3,240 Points:615,150 Joined:Feb 2009	Message Posted: May 9, 2012 11:29:18 AM Ignore Blazer197 Report Abuse CHINA AND IRAN TWO CROOKS OF THE WORLD.
bjdorval Champion Author Quebec Posts:2,254 Points:1,133,955 Joined:Jul 2008	Message Posted: May 9, 2012 11:29:18 AM Ignore bjdorval Report Abuse Since the Chinese are holding all those US Treasury Bills that makes the Iranians shrewd if they take Chinese Yuan in payment for oil.
mackconsult Champion Author Portland Posts:5,309 Points:864,355 Joined:Jan 2009	Message Posted: May 9, 2012 11:28:53 AM Ignore mackconsult Report Abuse learn from example
nj2000ng Champion Author Houston Posts:1,507 Points:449,020 Joined:Jan 2010	Message Posted: May 9, 2012 11:28:52 AM Ignore nj2000ng Report Abuse Boycott Chinese goods.
brownsbacker80 All-Star Author Akron Posts:620 Points:457,240 Joined:Sep 2011	Message Posted: May 9, 2012 11:28:24 AM Ignore brownsbacker80 Report Abuse Im just about sick of china
drobbbb Champion Author Maryland Posts:3,470 Points:811,260 Joined:Dec 2010	Message Posted: May 9, 2012 11:27:47 AM Ignore drobbbb Report Abuse really desperate
GOBUTLER Champion Author Indianapolis Posts:1,425 Points:389,085 Joined:Dec 2011	Message Posted: May 9, 2012 11:25:09 AM Ignore GOBUTLER Report Abuse Interesting....
NatureBoyKY Champion Author Kentucky Posts:3,355 Points:1,294,750 Joined:Jan 2008	Message Posted: May 9, 2012 11:24:30 AM Ignore NatureBoyKY Report Abuse China is emerging as the global big boy. This is bad for America.
fedupMN Champion Author Twin Cities Posts:2,949 Points:572,480 Joined:Mar 2011	Message Posted: May 9, 2012 11:24:09 AM Ignore fedupMN Report Abuse ok
Killerbabydoll Champion Author Tucson Posts:1,262 Points:548,200 Joined:Sep 2010	Message Posted: May 9, 2012 11:21:49 AM Ignore Killerbabydoll Report Abuse wow really
Lologogo Champion Author Twin Cities Posts:1,304 Points:354,440 Joined:Sep 2011	Message Posted: May 9, 2012 11:19:59 AM Ignore Lologogo Report Abuse leave it to China to break the rules of society & deal with Iran
Point__man Champion Author Raleigh Posts:4,330 Points:876,720 Joined:Oct 2010	Message Posted: May 9, 2012 11:19:17 AM Ignore Point__man Report Abuse Canada needs a pipeline to their coast to help the Europeans out. Maybe the Europeans will build it for them in exchange for a great deal ;)