2 Countries Officially Ditch the US Dollar for Trade #Iran and #Russia
Both Russia and Iran face severe sanctions from Western countries. The development makes it incredibly difficult to use the greenback for trade. In July 2024, central banks from both nations agreed to a currency swap policy. It would appear that sanctions may be further pushing the de-dollarization movement.
Russia and Iran have also integrated the Mir payment system as an alternative to SWIFT. Russia has also allowed Iranian nationals to withdraw Iran’s rial currency from ATMs. The move further pushes the de-dollarization trend.