Iran, Russia May Agree to Trade in Local Currencies ‘Very Soon’

Dethroning of the petrodollar continues:

 

Tehran and Moscow may reach an official agreement on carrying out transactions in national currencies “very soon,” Hossein Yaghoubi Miab, the director general of the international affairs department of Iran’s Central Bank, told Sputnik.

ST PETERSBURG (Sputnik) – Russia has recently started to actively promote financial agreements with Iranian and Chinese bankers in a bid to shift bilateral trading to national currencies to reduce their dependence on the US dollar.

Russia, Iran to Expand Trade, Use National Currencies in Payments – Putin

TEHRAN (Sputnik) – Earlier this month, Moscow announced it might loan Iran $5-billion from its budget, and state corporation Vnesheconombank will disburse an additional $2 billion for the implementation of joint projects.

Putin wants to ax dollar from Russian trade

Russian President Vladimir Putin blasted the government for turning a blind eye on US dollar payments in the domestic oil trade.

“I would like to mention one crucial issue in the development of the energy industry, and the economy as a whole. It is a question of finally stopping the use of foreign currency in internal trade,” said Putin at the fuel and energy presidential commission on Tuesday.

Japan Suggests Russia Use Yen Instead of US Dollar in Transactions

VLADIVOSTOK, September 4 (Sputnik) – Tokyo has suggested to Moscow that Russia use the Japanese national currency, the yen, in its transactions instead of the US dollar in order to minimize risks, Tadashi Maeda, the Senior Managing Director of the Japan Bank for International Cooperation (JBIC), said Friday.

Russia’s Putin drafts bill to dump dollar, euro from CIS trade

A statement from the Kremlin said that Putin submitted to the State Duma a draft federal law which seeks an integrated currency market in the CIS.

Putin says dump dollar

 

Russian President Vladimir Putin has drafted a bill that aims to eliminate the US dollar and the euro from trade between CIS countries.

This means the creation of a single financial market between Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries of the former Soviet Union.

Dollar No More

 

Countries and international groups that have switched from US dollar to national currencies in trade.

Moscow & Cairo to drop USD, use national currencies in bilateral trade – Putin

Now that the Mubarak regime through political allies is back in power after restoring the country through military channels, it likely has a score to settle with Washington and how it’s going to do this is through partnering with Russia (and possibly China). Russia already has military deals in the pipeline (See also HERE) with Egypt. Once the military deals begin and the country is stabilized once more, look for further political and economic cooperation like we see here. It doesn’t look like America is heeding the call to protect its interests in Egypt and stop the spread of neo-Soviet influence.

 

Russia and Egypt might soon exclude the US dollar and use their national currencies in the settlement of accounts in bilateral trade, Russian President Vladimir Putin said in an interview to Egyptian media ahead of his Monday visit to the country.

The issue of abandoning the dollar in trade is “being actively discussed,” Putin told Al-Ahram daily newspaper ahead of his two-day trip to Egypt. The Russian president was invited for a bilateral meeting by his Egyptian counterpart Abdul Fattah al-Sisi.

De-Dollarization Accelerates – China/Russia Complete Currency Swap Agreement

The last 3 months have seen Russia’s “de-dollarization” plans accelerate. First Gazprom clients shift to Euros and Renminbi, then the UK signs currency swap agreements with China, then NATO ally Turkey cuts ties and mulls de-dollarization, Switzerland jumps in the currency swap agreements, and BRICS create their own non-US-based funding vehicle, and then finally this week, Russia’s oligarchs have shifted cash holdings to Hong Kong. But this week, as RT reports, Russian and Chinese central banks have agreed a draft currency swap agreement, which will allow them to increase trade in domestic currencies and cut the dependence on the US dollar in bilateral payments. ““The agreement will stimulate further development of direct trade in yuan and rubles on the domestic foreign exchange markets of Russia and China,” the Russian regulator said.

Moscow, Beijing May Use National Currencies in Range of Contracts – Russian Official

MOSCOW, May 29 (RIA Novosti) – The payments on a range of export contracts signed during Russian President Vladimir Putin’s recent visit to China may be made in the two countries’ national currencies, Deputy Minister of Economic Development Alexei Likhachev told RIA Novosti Thursday.

“I think, yes. The Finance Ministry must as soon as possible create the appropriate conditions,” Likhachev said, responding to a question on possible payment between Russia and China in the ruble and yuan.

Russia, China Plan to Expand Payments in National Currencies

SHANGHAI, May 20 (RIA Novosti) – Russia and China are planning to increase the volume of direct payments in mutual trade in their national currencies, according to a joint statement on a new stage of comprehensive partnership and strategic cooperation signed during high-level talks in Shanghai on Tuesday.

Russia can switch to payments with India, China in national currencies crushing dollar amid sanctions – experts

Experts believe that the wish of the West to restrict Moscow’s cooperation with Brussels and Washington will play into the hands of the Russian economy. Wisdom and presence of mind are two components that will guarantee success for a new spiral of Russia’s cooperation with eastern countries. Also, this will allow us to counter-balance the risks that the European market is exposed to.

…

Russia has decided to develop cooperation with Asian countries. India, for example is our partner in issues of the military-industrial complex, in the high-tech segment. Cooperation with China is based on the raw materials sector, engineering, military technology. Recall that the Russian president’s visit is due in May.

Most likely, agreements on natural gas will be signed. Actually, bearing in mind that China will become the world’s largest economy in the near future, the development of the eastern vector will guarantee that a considerable part of extra profits and the growth of the home market will be generated in the South-East Asia.

Killing the Dollar: G20 & IMF Push for Global Fed, Global Currency

While headline stories about averting the dangers of an international “currency war” dominated news coverage of the recently concluded G20 meeting in Moscow, the real unreported story is that the global gathering of central bankers and finance ministers is pushing forward with their plan for “supersizing” the International Monetary Fund. The end goal is to transform the IMF into a global Federal Reserve, with the ability to flood the world with huge new volumes of loans and currency. It would also wield vast financial regulatory powers.

The IMF’s unit of account, or “currency,” known as a Special Drawing Right (SDR), is being readied for eventual adoption as the replacement for the U.S. dollar in international transactions, to lead the way toward eventual adoption of the SDR or some other designated unit as the global currency, much in the same way that the euro was foisted upon the people of Europe as a replacement of their national currencies.