Russia and Iran decide to trade in local currencies
Russia and Iran have decided to trade in local currencies instead of the US dollar.
The meeting of the governors of the central banks of Iran and Russia was held in Moscow, in which the two countries have finalized the agreement to conduct mutual trade in local currencies instead of US dollars.
After the agreement, banks and groups will now be able to transact in local currencies and use banking systems that do not require the SWIFT system.
The statement added that members of the Eurasian Economic Union, led by Russia, signed a comprehensive free trade agreement with Iran on December 25.
Apart from Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia are members of this union.
