Russia and Iran have concluded a deal to conduct trade using their respective local currencies rather than the U.S. dollar, as reported by Iran’s state media.

This move is significant, given that both nations are currently under U.S. sanctions.

In recent times, Moscow has been strengthening its ties with Tehran, as evidenced by Iran’s announcement in November that it would supply Russia with Su-35 fighter jets, Mi-28 attack helicopters, and Yak-130 pilot training aircraft, Oil Price reported.

The global push for de-dollarization has been ongoing for years, with BRIC countries and certain states deemed as pariahs actively seeking to move away from the American dollar and embrace alternative currencies.

Written by B.C. Begley

Russia and Iran have officially agreed to no longer support the US dollar.

This isn't a good look for what is supposedly the "strongest currency."

Are you protecting your assets through diversification?https://t.co/Xj2wUVHybB

— Nomad Capitalist (@nomadcapitalist) December 28, 2023

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