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

Russia and Iran have now completely abandoned the U.S. dollar in their trade, and are now using their national currencies, as announced by Central Bank of Iran Governor Mohammad-Reza Farzin, reported RT, citing local Iranian media. 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 against them.