Iran and Russia Discuss Ditching the Dollar: Is the US Dollar's Dominance Ending?
Iran President Ebrahim Raisi has met with Russian President Vladimir Putin in Moscow to discuss ending the US dollar. The meeting signifies a growing trend among nations seeking alternatives to the dollar-dominated global financial system.
Amidst international sanctions and geopolitical tensions, both Iran and Russia are exploring ways to strengthen their economic ties and reduce their reliance on the US currency. A key focus of the Raisi-Putin discussions was exploring avenues for de-dollarization in bilateral trade.
Bilateral Agreements For Trade Without Dollars
Russia and Iran have entered into an agreement to avoid using the dollar in bilateral trade, relying instead on their own currencies, a new report says. This move aims to insulate their economies from US financial influence and create a more stable and independent trading environment. The agreement underscores the deepening economic cooperation between the two nations.
Putin's View On Middle East Crisis
Vladimir Putin will hold an urgent meeting with the Iranian president on Friday over the crisis in the Middle East. Putin will fly to Turkmenistan for a previously unscheduled.
Shared Worldview and Close Relationship
Russian President Vladimir Putin has hailed the country’s “very close” relationship with Iran in the first meeting with his newly-appointed counterpart Masoud. As the sanctioned leaders held a friendly meeting, Russian President Vladimir Putin said he shares a “very close” worldview with his Iranian counterpart Masoud Pezeshkian.
Indirect Negotiations Between Iran and the US
The meeting between Iran and Russia also touched upon the ongoing complexities of international diplomacy. The central bank Russian President Vladimir Putin met Thursday with Iranian Foreign Minister Abbas Araghchi at the Kremlin to discuss indirect negotiations between Iran and the US.
What Does This Mean for the Future of the US Dollar?
The discussions between Iran and Russia highlight a potential shift in the global economic landscape. While the US dollar remains the world's reserve currency, growing efforts to bypass it in international trade could erode its dominance over time. The long-term implications of these developments remain to be seen, but they undoubtedly warrant close observation as the geopolitical and economic balance of power continues to evolve.