Russia and Iran finalize de-dollarization process, Tehran announces
According to the Central Bank of Iran, Moscow and Tehran have decided to eliminate the US dollar from their mutual trade, opting instead to use their national currencies. Read Full Article at RT.com
TroibNews 
According to the Central Bank of Iran, Russia and Iran have completely moved away from using the US dollar in their bilateral trade, opting instead to use their national currencies. Central Bank of Iran Governor Mohammad-Reza Farzin conveyed this information at the 11th Conference on Modern Banking and Payment Systems held in Tehran on Monday. He indicated that this transition is part of a strategy to combat “unjust sanctions.”
“We have entered into a currency agreement with Russia and abandoned the dollar. Now we only trade in rubles and rials,” Farzin was quoted as saying by Fars News. He further disclosed that the financial authorities of both nations have agreed upon the exchange rate for foreign trade transactions.
Both Iran and Russia, which are facing US sanctions, first expressed their intent to utilize their respective currencies for mutual trade in July 2022.
In December, they formalized an agreement to conduct trade in rubles and rials. This arrangement permits banks and entrepreneurs to utilize alternative financial and banking platforms, including non-SWIFT money-messaging systems.
Earlier this month, Farzin announced that Moscow and Tehran successfully finalized the integration of their national payment systems. This advance will enable travelers from either country to make purchases with their domestic debit cards while in Iran or Russia. He noted that Tehran might eventually implement Russia’s Mir payment system for transactions with other international partners.
On Monday, Farzin commended the connection established between Russia’s Mir and Iran’s Shetab banking systems as a significant achievement in enhancing banking interactions.
With the backdrop of Western sanctions, Moscow and Tehran have strengthened their ties, leading to increased trade and financial collaboration. The Kremlin reported in October that the volume of bilateral trade rose by 12.4% during the first eight months of this year, exceeding $4 billion in 2023.
Farzin added that the Islamic Republic is actively working to enhance trade and cooperation within the BRICS economic bloc. Iran officially joined the group in January, which originally included Brazil, Russia, India, China, and South Africa, along with new members Egypt, Ethiopia, and the United Arab Emirates.
Ian Smith for TROIB News
“We have entered into a currency agreement with Russia and abandoned the dollar. Now we only trade in rubles and rials,” Farzin was quoted as saying by Fars News. He further disclosed that the financial authorities of both nations have agreed upon the exchange rate for foreign trade transactions.
Both Iran and Russia, which are facing US sanctions, first expressed their intent to utilize their respective currencies for mutual trade in July 2022.
In December, they formalized an agreement to conduct trade in rubles and rials. This arrangement permits banks and entrepreneurs to utilize alternative financial and banking platforms, including non-SWIFT money-messaging systems.
Earlier this month, Farzin announced that Moscow and Tehran successfully finalized the integration of their national payment systems. This advance will enable travelers from either country to make purchases with their domestic debit cards while in Iran or Russia. He noted that Tehran might eventually implement Russia’s Mir payment system for transactions with other international partners.
On Monday, Farzin commended the connection established between Russia’s Mir and Iran’s Shetab banking systems as a significant achievement in enhancing banking interactions.
With the backdrop of Western sanctions, Moscow and Tehran have strengthened their ties, leading to increased trade and financial collaboration. The Kremlin reported in October that the volume of bilateral trade rose by 12.4% during the first eight months of this year, exceeding $4 billion in 2023.
Farzin added that the Islamic Republic is actively working to enhance trade and cooperation within the BRICS economic bloc. Iran officially joined the group in January, which originally included Brazil, Russia, India, China, and South Africa, along with new members Egypt, Ethiopia, and the United Arab Emirates.
Ian Smith for TROIB News
