NEWSFLASH: UN Approves Iraq Oil Payment Request

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.

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