Iran as one of the world’s leading financial centers is going to help Russia to stop using US dollars. Now, it is obvious that the US dollar has more chances to lose its dominance.
The US currency will be significantly hit by Russia and Iran’s intention to switch to payments in national currencies, these are rubles and rials respectively. Tehran seems to be extremely decisive in its readiness to support Moscow in its de-dollarization mission. Russian authorities suppose that under the current conditions, cooperation between Russia and Iran is of vital importance, primarily concerning the transit of cargo from the Persian Gulf. “Russia and Iran have discussed swapping supplies for oil and gas as well as setting up a logistics hub,” Russian Deputy Prime Minister Alexander Novak said. The official also emphasized that trade turnover between Russia and Iran jumped by 10% in the first quarter of the year. Notably, by the end of 2021, trade turnover soared by a stunning 81%, reaching the highest level in recent years. Alexander Novak supposes that the countries should remove administrative barriers and simplify bureaucratic procedures as well as speed up procedures for certification and declaration of products. Against the backdrop, the greenback will hardly retain its dominance.
