Russia and Iran Finalize De-Dollarization, Says Central Bank
According to the Central Bank of Iran, Moscow and Tehran have decided to eliminate the US dollar from their mutual trade dealings, opting instead for their national currencies. Read Full Article at RT.com
TroibNews 
The Iranian government has announced a complete shift to trade in national currencies with Russia, eliminating the use of the US dollar for bilateral transactions. Central Bank of Iran Governor Mohammad-Reza Farzin disclosed this information at the 11th Conference on Modern Banking and Payment Systems in Tehran on Monday, highlighting that this change is part of a strategy to counter “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 also mentioned that the financial authorities of both countries have established an exchange rate for foreign trade transactions.
Iran and Russia, which both face US sanctions, initially revealed their plans to replace the dollar with their respective national currencies for mutual trade in July 2022. In December of that year, they concluded an agreement to conduct trade in rubles and rials, allowing banks and businesses to engage in alternative financial and banking systems, including non-SWIFT money-messaging options.
Earlier this month, Farzin announced that the two nations had officially completed the integration of their national payment systems, enabling travelers to use their domestic debit cards in either country. He noted that Iran may eventually adopt Russia’s Mir payment system for transactions with other international partners.
On Monday, Farzin commended the linkage between Russia’s Mir and Iran’s Shetab banking systems as a significant achievement in enhancing banking interactions. Amidst Western sanctions, Moscow and Tehran have bolstered their relations, leading to increased trade and financial collaboration. The Kremlin reported in October that bilateral trade volume increased by 12.4% in the first eight months of this year, surpassing $4 billion.
Farzin added that Iran is also focusing on strengthening trade and cooperation within the BRICS economic bloc, having officially joined in January alongside Egypt, Ethiopia, and the United Arab Emirates. The group was originally composed of Brazil, Russia, India, China, and South Africa.
James del Carmen contributed to this report 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 also mentioned that the financial authorities of both countries have established an exchange rate for foreign trade transactions.
Iran and Russia, which both face US sanctions, initially revealed their plans to replace the dollar with their respective national currencies for mutual trade in July 2022. In December of that year, they concluded an agreement to conduct trade in rubles and rials, allowing banks and businesses to engage in alternative financial and banking systems, including non-SWIFT money-messaging options.
Earlier this month, Farzin announced that the two nations had officially completed the integration of their national payment systems, enabling travelers to use their domestic debit cards in either country. He noted that Iran may eventually adopt Russia’s Mir payment system for transactions with other international partners.
On Monday, Farzin commended the linkage between Russia’s Mir and Iran’s Shetab banking systems as a significant achievement in enhancing banking interactions. Amidst Western sanctions, Moscow and Tehran have bolstered their relations, leading to increased trade and financial collaboration. The Kremlin reported in October that bilateral trade volume increased by 12.4% in the first eight months of this year, surpassing $4 billion.
Farzin added that Iran is also focusing on strengthening trade and cooperation within the BRICS economic bloc, having officially joined in January alongside Egypt, Ethiopia, and the United Arab Emirates. The group was originally composed of Brazil, Russia, India, China, and South Africa.
James del Carmen contributed to this report for TROIB News
