End of the Dollar? Russia and Iran Eliminate Dollar from Bilateral Trade
-
Sulaiman - . November 28, 2024
- . Update: November 28, 2024 3:14 pm
Russia and Iran have officially eliminated the use of the US dollar in their bilateral trade. This is a significant move toward economic independence from Western financial systems. A verified twitter account @LegitTargets shared a tweet which led to cath the global attention!
This step by the middle eastern nation Iran and Russia also indicates that the ties between Moscow and Tehran are growing as both nations have been working together to reduce reliance on the dollar.
The de-dollarization trends is not something new, BRICS and several other countries like APAC nations, India, and African nations are trying to reduce the reliance on US Dollar to reduce the impact of unnecessary taxes and reduce the power of US to lead and move the global market. World saw how US and west had pushed Russians into danger during the time of Ukraine war. The also froze all international funds and routes for Russia.
For Russia and Iran, this move also strengthens their economic alliance and mutual resilience in the face of geopolitical pressures.
