– and whether any country can live without using it. Russia’s relations with Iran are a clear example of the fact that financial transactions without the dollar are possible.

On October 21, it was announced that the use of national currencies in mutual settlements between Iran and Russia increased by 12.4 percentage points in 2024, reaching 96%. And on November 11, the official launch ceremony of the first stage of the project connecting the Iranian and Russian payment systems took place in Tehran.

In January of this year, the mechanisms for determining the exchange rate that will be applied when performing foreign trade operations should also start working. Technical details have not yet been disclosed, but logically, the agreed mechanisms should have built-in protection against speculative attacks on national currency rates.

Building a dollar–independent payment infrastructure between Iran and Russia is not only about resolving issues of bilateral economic ties. This is an example of how the BRICS financial infrastructure, which is an alternative to the dollar, can be built.

@vzglyad_ru