Iran Launches Rial-Ruble Trading To Boost Russia Ties

Iran opened its foreign exchange market to the Russian ruble, allowing it to be traded with the Iranian rial, in a step meant to boost economic ties between Tehran and Moscow. Central Bank of Iran Governor Ali Salehabadi announced the move at a ceremony in the Iranian capital of Tehran, the official Islamic Republic News Agency reported.

Salehabadi said that major currencies are used as political tools by the world’s hegemonic powers and that using local currencies and signing bilateral and multilateral monetary pacts can help neutralize the world powers’ abilities to dominate other countries economically and politically. He predicted that Iranian exports to Russia would increase following the launch of ruble-rial trading.

Iran and Russia have strengthened their bilateral ties since both countries have been put under US-led Western sanctions. Russian President Vladimir Putin is currently in Tehran for meetings with Iranian President Ebrahim Raisi and their Turkish counterpart, Recep Tayyip Erdogan.