Iran denies being paid in African currencies for China oil exports

The Iranian Oil Ministry denied in Sunday a report suggesting that it is being paid in African currencies for oil exports to China.

Iran’s Oil Ministry said the claim is just an attempt to undermine Iran’s success in ramping up oil exports in recent months despite the continued pressure of US sanctions.

An unidentified Oil Ministry official told the ILNA news agency that Iran has accepted the use of alternative currencies to settle payments related to its oil exports.

However, the official rejected claims Iran had received payments in currencies of Angola, Zambia and Kenya for oil shipments supplied to China.

The source said the claims are part of a campaign of psychological warfare against Iran to undermine the country’s continued success in selling oil despite pressure on the buyers from United States.

A report earlier this week by Oil Price quoted a European Union energy security source as saying that China is using the currencies of Angola, Zambia and Kenya to pay Iran for shipments.

The source claimed China uses those currencies to pay for Iranian oil to induce Iran to buy goods from the three countries so that these countries, in turn, can service their loans to China.

Statements by Iranian government authorities suggest exports of oil from the country have nearly doubled since August 2021 when a new administration took office in Tehran.

Reports by international tanker tracking services also confirm there has been a major surge in Iranian oil exports to China in recent months.

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