Big League Politics

According to a report by TAAS, Iran and Russia are planning to abandon the dollar in mutual settlements in certain facets of their trade relations. 

Ali Saleh Abadi, the governor of Iran’s Central Bank, went public about this development on August 29, 2022. 

“Iran and Russia have already switched to national currencies in some types of settlements they mutually agreed upon,” Abadi said to an Iranian newspaper.

“Both sides are making efforts to extend this mechanism to other areas of bilateral trade. Tehran and Moscow have long been looking for such a mechanism to replace the American dollar, despite the tough economic sanctions imposed on both states. The use of the Iranian and Russian national currencies, the rial and the ruble, is one of the priorities on the economic agenda of the administration of Iranian President Ebrahim Raisi,” Abadi continued.

Iran and Russia have had strong relations ever since the dissolution of the Soviet Union. Historically, the two civilizations were antagonistic in their respective imperial eras through the 17th century up until the 19th century. Even during World War II, the Soviet Union, along with the United Kingdom, invaded Iran out of fear that it was gravitating towards Nazi Germany’s orbit. 

However, the nature of the two countries’ relationship has strengthened since the dissolution of the Soviet Union. Given how they share a common foe in the Collective West and various Sunni Islamist militant groups that the United States and its allies have funded, Iran and Russia find themselves strategically cooperating more often than not these days. 

Now that Russia has basically been debanked and deplatformed from the West as a result of the special military operation it launched in Ukraine on February 24, 2022 it finds itself in a similar boat as Iran. In the Middle Eastern country’s case, it has also been heavily sanctioned — a status that it has been afflicted with for the past few decades. One can expect the relations between the two countries to expand in the upcoming years as the post-World War II international order implodes.

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