Iran and Russia forge economic alliance

Iran and Russia have agreed to conduct bilateral trade using their local currencies, challenging the US dollar's dominance in global trade. The move aims to reduce reliance on the US dollar and strengthen economic ties, as both countries face US sanctions. This move aligns with a growing trend of diversifying currency usage and signifies a broader shift in the international financial landscape, potentially contributing to a multipolar world.

State media reported that banks and economic actors can now utilize infrastructures, including non-SWIFT interbank systems, to engage in local currency transactions.