Iran is reportedly considering allowing some oil tankers to pass through the Strait of Hormuz, provided that the oil shipments are settled in RMB.

On March 13 local time, CNN, citing a senior Iranian official, reported that Iran is considering allowing a limited number of oil tankers to pass through the Strait of Hormuz, provided that the oil cargoes carried by these tankers are settled in yuan. The source added that Iran is currently working on a new plan to manage the passage of oil tankers through the Strait of Hormuz, and the potential move is being considered in this context. CNN noted that current international oil trade is almost entirely settled in US dollars, with the only exception being sanctioned Russian oil, which is traded in rubles or yuan. (Observer Network)