U.S. dollars not accepted for Iranian oil

TEHRAN, Dec. 8 (UPI) -- The Iranian government reportedly is refusing U.S. dollars as payment for its oil, calling it an "unreliable currency."

Iranian Oil Minister Gholamhossein Nozari was quoted as saying Saturday that because "the dollar is no longer a reliable currency," his country would no longer accept it in oil sales, RIA Novosti reported.

"In line with a policy of selling crude oil in currencies other than the U.S. dollar, the sale of our country's oil in U.S. dollars has been completely eliminated," Nozari reportedly said.

The monetary move comes after Iranian officials proposed excluding U.S. dollars from oil sales at an Organization of the Petroleum Exporting Countries summit in November.

China's official Xinhua news agency said Iran's opposition of the U.S. dollar appears to be a response to growing pressure from the United States regarding the Middle Eastern country's controversial nuclear program.