Iran says US dollar officially ditched in trade with ally Russia
The Islamic Republic took the step following the Russian president's meeting with Iran's leader in Tehran, where the two explored options on how to push back on international sanctions.
Iran's Economy Minister Ehsan Khandouzi announced on July 26 that the US dollar has officially been ditched in his country's trade relations with the Russian Federation.
At a press briefing in Tehran, the minister said the US currency has been replaced with the Russian ruble in Iran-Russia business, adding that similar plans are in the pipeline for trade with such partners as Turkey, China and India.
The Russian currency has dramatically depreciated since late February when President Vladimir Putin ordered an invasion into neighboring Ukraine. The nosedive for Iran's rial has been way sharper, especially after the 2018 US pullout from the Iran nuclear deal.
To ease the pressure, Iran has been contemplating an array of alternatives. The country's Supreme Leader Ayatollah Ali Khamenei has vigorously promoted his "look to the East" vision as a long-term strategy toward economic independence from Western powers by augmenting trade with Russia, China and India.
