Iran gives up on dollars in political move

TEHRAN, May 2 (UPI) -- Iran will cease using U.S. currency in its oil transactions, an Oil Ministry representative said.

"The dollar has completely been removed from our oil trade," Hojjatollah Ghanimifard said Wednesday. "Crude oil customers have agreed with us to use other currencies, he said.

The move was seen as a political stand against U.N. sanctions supported by the United States that were imposed over concerns about Iran's development of nuclear fuel.

A meeting between Iranian officials and the five permanent members of the U.N. Security Council on April 16 in Shanghai designed to persuade Iran to scale back or quit its nuclear program, ended with no progress, Fars News Agency reported.

Iran has been praised in recent reports for cooperating with international investigations, including the U.N. International Atomic Energy Agency, but the United States has continued to push for further U.N. sanctions, Fars reported.