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Iran and Russia Abandon U.S Dollar and Instead Trade in Local Currencies

Iran and Russia have unanimously decided to trade in their local currencies instead of the U.S dollar, according to local media. 

“The establishment of new financial and banking platforms has opened a ‘new chapter’ in banking relations between Iran and Russia, with the two countries agreeing to ditch the U.S. dollar and instead trade in local currencies,” the source said. 

The deal was reportedly finalized at a meeting in Russia between the Central Bank governors of both nations. 

Back in July 2022, Iran and Russia had unanimously announced plans on using their national currencies over the U.S dollar in mutual trade. 

Iran’s supreme leader Ayatollah Ali Khamenei has previously also stressed the need to desert the dollar in global trade. 

Russian President Vladimir Putin also expressed that the U.S was trying to utilize the dollar as a pressure tool, citing that Iran and Russia were trying to find ways to use their own national currencies in their trade relation. 

On Monday Dec. 28, Iran reportedly signed a free trade agreement with the Russia-led Eurasian Economic Union (EEU).

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