BRICS on the Move: Russia Provides 6.5 Billion Ruble Credit Line to Iran

The press service of the Central Bank of Iran issued a statement reporting on the late December visit to Russia by the Governor of the Central Bank of Iran Mohammad Reza Farzin, which included an agreement “to open a credit line in the amount of 6.5 billion rubles for the import of essential goods from Russia,” [according to TASS](tass.com/economy/1727189). That is the equivalent of $71 million U.S. dollars, but the two countries—both heavily sanctioned by the United States and other Western nations—agreed at the meeting of their central bankers to conduct all bilateral trade in their national currencies only. As RT headlined their article, “Iran and Russia Officially Ditch Dollar.”