The agreement between Iran and Russia to use their national currencies instead of the dollar in commercial transactions is an important development in financial cooperation between the two countries. According to the Beijing News, the decision was finalized during a meeting between the head of the Central Bank of Iran and the head of the Central Bank of Russia. This change marks a new chapter in the banking relationship between the two countries.
The meeting was not only about changes in the use of the currency, but also about further details of cooperation, such as technical and specialized provisions. In addition, the meeting identified an import credit line worth 6.5 billion rubles, which will be used by Russia for the delivery of essential goods to Iran.
Recently, an Iranian bank has opened its first overseas letter of credit in Russia, worth 17 million euros, for imports. This shows that the two countries have taken practical actions in promoting bilateral economic and political relations.
This decision could be a strategy for both countries to cope with the international economic environment, especially the dollar-dominated global ** system. By using their own currencies to trade, Iran and Russia can avoid the risks and restrictions associated with the US dollar to some extent, especially in the context of international sanctions. This approach could have implications for other countries and international** patterns, especially when considering the dominance of the US dollar in the global economy. The move could also spur more countries to consider similar monetary cooperation to increase economic autonomy and reduce dependence on the dollar.