Decision made to use national currencies instead of the dollar in Iran-Russia trade

According to the news from the official Iranian agency IRNA, citing the Central Bank of Iran, the agreement regarding the removal of the dollar from mutual trade was finalized during a meeting held in Russia between the central bank governors of the two countries.

'NATIONAL CURRENCY' DECISION

It was stated that Iranian and Russian banks, which are under US sanctions, will henceforth be able to use interbank systems other than SWIFT to conduct transactions in local currencies.

Iran and Russia had announced in July 2022 that they planned to use their national currencies instead of the US dollar in mutual commercial transactions.

Iranian leader Ayatollah Ali Khamenei, in his meeting with Russian President Vladimir Putin in Tehran on July 19, 2022, stated that the dollar should be abandoned in global trade, saying, "The dollar should be gradually removed from the path of global trade."

FREE TRADE AGREEMENT

In response, Putin noted that the US is trying to use the dollar as a tool of pressure and said that Iran and Russia were designing ways to use national currencies in their commercial relations.

On December 25, Iran signed a free trade agreement with the Russia-led Eurasian Economic Union (EAEU).

News Source: AA