The EU moves closer to the formal opening of disciplinary proceedings against Italy over its rising debt and failure to reduce budget deficit.

The Italian government has further tightened the screws on refugee arrivals from the North Africa.

An international audit firm says the US dollar is losing its luster in Russia’s foreign trade despite American sanctions.

The European Union has convened a wide-ranging industrial group to work on promoting the euro and fighting the monopoly of the US dollar in oil and commodities trading.

Iran says the European Union plans to use its own currency instead of the US dollar in all oil deals, worth over €300 billion.

The EU commission presented its plan to reduce the dollar's overwhelming dominance of the global economy.

Russia appears to be already moving closer to a plan to ditch the dollar with reports emerging that more of its biggest oil companies are already preparing to settle payments in other currencies in transactions with clients.

Iraq indicated that it has officially removed the US dollar in trade with Iran by announcing a legal limit for passengers to carry along Euros - instead of the customary US Dollars - into the Islamic Republic.

The national currency strengthened 13.72% against the dollar at 109,000 after hitting the record low of more than 120,000 on the unofficial market on Monday.

Russia says US undermining trust in dollar by using it as an argument in political disputes.