Iran and Russia have entirely eliminated the use of the US dollar in their bilateral transactions, shifting to national currencies through prior financial agreements between the two countries, according to Mohammad Reza Farzin, the Governor of Iran’s Central Bank.
“We have signed a currency agreement with Russia and fully excluded the dollar. Now, all transactions are conducted in rubles and rials,” Farzin stated during the 11th Annual Conference on Modern Banking and Payment Systems. The event was broadcast live on SNN. He added that financial authorities from both nations have agreed on an exchange rate framework for trade operations.
The Kremlin reported on October 21 that the share of national currencies in mutual transactions between Iran and Russia increased by 12.4 percentage points in 2024, reaching 96%.
In July, the central banks of both nations signed a currency swap agreement, completing the integration of Russia’s Mir payment system with Iran’s Shetab. On November 11, the first phase of the payment systems' connection was officially launched in Tehran. During the ceremony, Farzin announced that Iranian citizens could now withdraw cash using Iranian bank cards at ATMs in Russia.
GSV "Russia - Islamic World"
Photo: Federation Council
Based on TASS materials