Russia and Iran Expanding Trade Using National Currencies

Elvis Dunderhoff January 24, 2023

Those sanctions really got ’em! 

The petrodollar is going to end and basically collapse the American empire, but at least we did our values and supported a rules-based order.

RT:

Trade between Russia and Iran surged by 15% last year, reaching $4.6 billion, Vyacheslav Volodin, the speaker of the State Duma, said at a government meeting on Monday.

According to the top lawmaker, the two countries are actively taking steps to build up mutual trade, which is “extremely important in the conditions of sanctions pressure on our countries.”

He also praised the memorandum on free trade between Iran and the Russia-led Eurasian Economic Union (EEU), which was signed last week, saying that the agreement will help expand Russia-Iran trade further.

According to Volodin, both countries should now focus on boosting the efficiency of mutual cooperation in the financial and banking sectors, in particular, by increasing the use of national currencies in settlements, by using the Russian ‘Mir’ and Iranian ‘Shetab’ payment systems.

“It is important to use settlements in national currencies more actively. Much has already been done in this regard – now the share of the ruble and the rial in mutual settlements exceeds 60%. The work on the joint application of national payment systems is being completed. This will minimize the impact of sanctions, but also, of course, address issues related to mutually beneficial cooperation,” Volodin stated.

No one really seems to understand the implications of this, other than a few weird financial outlets like Zero Hedge.

The dollar being undermined as a result of the US war on Russia is infinity times more important than anything going on on the ground in Russia.

Russia doesn’t even have to win the military war any time soon, because the dollar simply cannot continue indefinitely now that the world has opened up to trading in non-dollar currencies.

The one problem is that the whole global financial system is still dependent on the dollar, and these currencies would all collapse if the dollar collapsed.

Bitcoin fixes this, by the way.

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