Last week, the Trump administration imposed new economic sanctions against Iran, targeting its central bank and its sovereign wealth fund.
The head of Iran’s Central Bank Abdolnaser Hemmati said Wednesday that Iran and Russia have turned to bilateral trade in national currencies as both countries fall under US sanctions.
“Now all of our financial transactions with Russia are through the national currency of the two countries. This trend is gradually removing the dollar from the trading cycle, with many countries now willing to trade in their national currency so that the US does not oversee their trade,” he told reporters in Tehran after a cabinet meeting.
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