The global economic landscape is shifting. BRICS countries Iran and Russia have finalized an agreement to trade in local currencies, thereby ditching the US dollar. This move signals a significant departure from traditional trade practices and underscores the growing trend of de-dollarization.

Specifically, BRICS members Russia and Iran announced that they have officially abandoned the US dollar for trade between the two nations. Iran and Russia are both part of the BRICS bloc of countries. The countries would be abandoning the greenback. This agreement strengthens economic ties between the two nations and reduces their reliance on the US dollar. Iran and Russia have finalised an agreement to trade in their local currencies instead of the U.S dollar, Iran's state media reported on Wednesday.

Russia reported that 96% of all trade transactions between Russia and Iran are now conducted in their respective national currencies, further solidifying the move away from the dollar. Russia is making both BRICS and the CIS bloc ditch the US dollar for trade and transactions. Putin revealed at the summit that BRICS and CIS will work towards ending dependence on the dollar. This shift is part of a broader strategy within the BRICS alliance to promote alternative currencies and reduce the dominance of the US dollar in international trade.

Iran and Russia are the latest to officially ditch the US dollar, opting to use national currencies for trade. This decision reflects a growing desire for economic independence and a move towards a more multi-polar global financial system.

This development marks a significant moment in international trade and highlights the increasing influence of BRICS nations in shaping the global economic order.