13:13, 29 August 2022 Page views 621 views

Russia and Iran to intensify settlements in national currencies

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Ali Saleh Abadi noted that Russia and Iran had already switched to mutual settlements in national currencies in some areas of trade. He also recalled that the Tehran Stock Exchange launched trading in the Iranian rial/Russian ruble currency pair.

“Tehran and Moscow have long been looking for such a mechanism to replace the US dollar, despite the tough economic sanctions imposed on both states. The use of the Iranian and Russian national currencies, the rial and the ruble, is one of the priorities on the economic agenda of the administration of Iranian President Ebrahim Raisi,” said Ali Saleh Abadi.

Russia is seeking to migrate to settlements in national currencies with many of its counterparties after an unprecedented number of sanctions were imposed on the country, which involved cash dollars and euros as well. For example, in late August, the share of dollar settlements between the EAEU countries dropped to 21% of the total transaction volume, while the use of the national currencies of the EAEU countries in mutual payments reached 75%.