Russia and Iran complete de-dollarization -- central bank

The two countries have completely shifted to trade in their national currencies, according to the Iranian government lender

Russia and Iran have abandoned the use of the US dollar in bilateral trade, shifting to their national currencies, Central Bank of Iran (CBI) Governor Mohammad-Reza Farzin has stated, according to local media reports.

The CBI chief made the remarks at the 11th Conference on Modern Banking and Payment Systems in Tehran on Monday. He said the move was part of a plan 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 revealed that the two nations’ financial authorities have agreed on the exchange rate to be used for foreign trade transactions.

Iran and Russia, both subject to US sanctions, first announced plans to use their respective national currencies instead of the greenback in mutual trade in July 2022.

https://www.rt.com/business/608195-russia-iran-dollar-national-currencies/