Russia-Iran Currency Agreement for Bilateral Trade Completes Break With Dollar

Russia and Iran have now completely abandoned the US dollar in their trade with each other, and now simply using their respective national currencies, as announced by Central Bank of Iran (CBI) Governor Mohammad-Reza Farzin. This is reported by local Iranian media, according to RT. Farzin announced today, at the 11th Conference on Modern Banking and Payment Systems in Tehran: “We have entered into a currency agreement with Russia and abandoned the dollar. Now we only trade in rubles and rials.” The two countries have set an exchange rate for their transactions. Farzin said that the move was accelerated due to “unjust sanctions” applied to them.