Eric Lob believes that Tehran's move was conditioned by the willingness to reduce reliance on the US currency amid Trump's threats to withdraw from the JCPOA.
However, several European countries have announced that they will offer euro-denominated credits to Iranian buyers. Lob considers this move an attempt to hold on to the Iranian market despite the US sanctions. He warns, though, that the US may pressure European nations to abandon their plans.
"France and other EU countries announced they would do this in an attempt to maintain and increase trade with Iran if and when the US withdraws from the JCPOA. By executing transactions in euros, the EU and Iran could circumvent US sanctions," he said.
It is worth noting that Iran announced on April 18 that it will begin reporting foreign currency amounts in euros instead of US dollars. The move was approved by Supreme Leader Ayatollah Ali Khamenei, who said that the "dollar has no place in our transactions today."
