Iran, Russia to Ditch US Dollar in Bilateral Trade

Governor of the Central Bank of Iran Abdolnasser Hemmati says Tehran and Moscow are seeking to carry out transactions using their national currencies, gradually ditching dollar and other currencies in their trade relations.

According to Hemmati, currently 25% of the transactions between the two countries are carried out via their national currencies, but that is a small figure. “We are looking to raise this number and gradually eliminate dollar and other currencies in our trade relations,” he added.

Hemmati made the comments in an interview with IRNA in Moscow after meeting his Russian counterpart, Elvira Sakhipzadovna Nabiullina.

Iran and Russia agreed to increase their trade volume in Tehran, and in order to achieve this, it is necessary to support the banking system of the two countries, Hemmati said.

According to the statements of the head of the Central Bank of Russia, there is no obstacle to expansion of banking relations between Tehran and Moscow, he added.

“My trip to Moscow was made after good talks and agreements between the Iranian and Russian presidents in Tehran. During that meeting the two sides agreed the heads of the central banks of the two countries hold talks to facilitate bilateral financial relations in the banking sector.”

Hemmati described his meeting with his Russian counterpart as positive, saying a road map was drawn up for the development of banking cooperation.

He also said that the trade volume between Iran and Russia is not that much high, and the two countries want to increase the level of trade cooperation.

The Iranian official further mentioned that President Vladimir Putin is determined to achieve this objective.

Referring to US sanctions against Russia and Iran, Hemmati said that “while the United States imposes sanctions on Tehran and Moscow, we can expand our ties on a bilateral basis and bypass sanctions.”

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