Mohammad Reza Falahatian, during his speech to Russian businesspeople in St. Petersburg, stated that Iran and Russia are determined to reduce their reliance on the US dollar by promoting the use of their own currencies in bilateral trade.
The Governor of the Central Bank of Iran emphasized the importance of strengthening banking cooperation between the two countries, utilizing regional financial institutions to circumvent strict sanctions, and weakening the dominance of the US dollar in financial transactions.
Falahatian proposed the establishment of a financial institution similar to the Financial Action Task Force (FATF) among BRICS countries, and emphasized Iran’s willingness to support Russia’s accession to the Asian Clearing Union (ACU) and provide necessary technical assistance.
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He stressed that using currencies such as the ruble, yuan, dirham, and rial in transactions between Russia, Iran, China, and other partner countries can significantly alleviate banking barriers in bilateral trade.
Falahatian described the ACU as an effective platform for reducing member countries’ reliance on the US dollar in transactions, noting that the alliance currently includes India, Pakistan, and most recently Belarus, with Iran extending an invitation to join the alliance to Russia.
