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Russia and Iran have agreed to trade using their local currencies instead of the U.S. dollar, in response to U.S. sanctions.
This move aligns with a global trend of de-dollarization, with Russia also seeking to use the euro and Chinese yuan.
Despite these efforts, the dominance of the dollar in cross-border transactions and its stability compared to local currencies has hindered significant progress in de-dollarization.
According to Iran State Media, “Banks and economic actors can now use infrastructures including non-SWIFT interbank systems to deal in local currencies.”
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