Mohammad Reza Farzin stated in Saint Petersburg during a speech to Russian economic stakeholders that Iran and Russia are determined to reduce reliance on the US dollar by promoting the use of their national currencies in bilateral trade.
The Governor of the Central Bank of Iran emphasized the importance of enhancing cooperation between the two countries’ banking sectors, utilizing regional financial institutions to circumvent stringent sanctions, and diminishing the dominance of the US dollar in financial transactions.
Farzin proposed establishing a financial institution similar to the Financial Action Task Force (FATF) among BRICS countries, highlighting Iran’s willingness to support Russia’s accession to the Asian Clearing Union (ACU) and provide necessary technical assistance.
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He underscored that using currencies such as the ruble, renminbi, dirham, and rial among partners like Russia, Iran, and China can significantly alleviate banking obstacles in bilateral trade.
Farzin described the ACU as an effective platform to reduce reliance on the US dollar in transactions among member countries, noting that the alliance currently includes India, Pakistan, and most recently Belarus, with Iran having extended an invitation to Russia to join.
