Iran, Russia use own currencies for trade
Saudi Arabia and India have also signaled moving away from the US dollar.
Iran and Russia have started trading in their national currencies.
The Iranian ambassador in Moscow, Kazem Jalali, said last night that entities in the two countries have begun conducting trade in rials and rubles for the first time. The currencies were handled by the Russian Central Bank’s Mir system, the official Islamic Republic News Agency reported.
Russia set up Mir in 2014 in response to sanctions over the conflict with Ukraine.
Why it matters: Iran and Russia have been working toward using their own currencies for business relations for some time. Iranian Economic Minister Ehsan Khandouzi announced in July that the Islamic Republic officially ditched the US dollar for trade with Russia.
