Russia and Iran have officially stopped using the US dollar for trade between their countries, switching entirely to their own national currencies—the Russian ruble and the Iranian rial. This major shift, confirmed by Mohammad-Reza Farzin, the Governor of the Central Bank of Iran (CBI), marks a bold move to sidestep US-led sanctions and strengthen their economic ties.
A Plan to Counter "Unjust Sanctions"
Speaking at the 11th Conference on Modern Banking and Payment Systems in Tehran, Farzin explained that the decision is part of a larger plan to counter what he called “unjust sanctions.” These sanctions have targeted both countries in recent years, forcing them to find ways to bypass the global financial systems dominated by the West.
“We have reached a currency agreement with Russia and abandoned the dollar. From now on, all our trade is conducted in rubles and rials,” Farzin announced, as reported by Fars News.
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