Russia and�Iran plan on�replacing the�U.S. dollar with their national currencies for�the settlement of�bilateral trade transactions, Iran's IRNA news agency reported.
Announcing the�plans at�a meeting Tuesday in�Tehran, Asadollah Asgaroladi, an�Iranian business magnate and�head of�the Iran-Russia Joint Chamber of�Commerce, said that use of�national currencies would spur economic collaboration between the�two countries.

Asgaroladi was not the�first Iranian politician to�mention the�plans. Following a�meeting with Russian Energy Minister Alexander Novak earlier this month, Iranian Oil Minister Bijan Namdar Zanganeh said that the�two countries had agreed to�conduct banking transactions in�rials and�rubles, IRNA reported.

Russia has long been a�proponent of�reducing the�dollar's pre-eminence in�international trade, a�position that became top priority this year after Western sanctions over the�crisis in�Ukraine cut off Russian state banks and�energy majors from�U.S. and�EU capital markets.

Earlier this month, Russia and�China agreed to�settle more of�their future bilateral trade using the� ruble and�yuan. Russia and�North Korea in�June also agreed to�switch to�rubles for�trade payments.

By The Moscow Times

 

The Iran Project is not responsible for the content of quoted articles.