In 2000, President of Iraq Saddam Hussein began the sale of his country's oil denominated in euros rather than US dollars since the majority of Iraqi oil trade was with the EU, India and China rather than the United States. Several other oil producing countries stated they would follow suit. But when Iraq was invaded in 2003, the new US administration immediately switched all sales of oil back to the US dollar. Also, since 2007 Iran has asked all petroleum customers to pay in non-US-dollar currency in response to American sanctions. This has resulted in the Iranian oil bourse trading in several currencies, predominantly the euro for European trade and either the yen or euros for sales in Asia.