And it begins - slowly and ever so quietly
The Dollar is currently the worlds reserve currency. Everyone has faith in its stability so it is the medium of exchange when two nations are trading.
Not so much any more -- from the
Fars News Agency:
Iran, Russia Replace Dollar with National Currencies in Trade Exchanges
Speaking to FNA, Tehran's Ambassador to Moscow Seyed Reza Sajjadi said that the proposal for replacing US Dollar with Ruble and Rial was raised by Russian President Dmitry Medvedev in a meeting with his Iranian counterpart Mahmoud Ahmadinejad in Astana on the sidelines of the Shanghai Cooperation Organization (SCO) meeting.
"Since then, we have acted on this basis and a part of our interactions is done in Ruble now," Sajjadi stated, adding that many Iranian traders are using Ruble for their trade deals.
"There is a similar interest in the Russian side," the envoy stated, adding that that Moscow is against unilateral sanctions on Iran outside the UN Security Council, specially the recent sanctions against Iran's Central Bank (CBI).
"The move (imposing sanction on the CBI) is unacceptable. Russians have clearly announced that they will not accept these sanctions and Iran's nuclear issue is resolvable just through negotiations."
Iranian President Mahmoud Ahmadinejad hit back at the US after Washington introduced new sanctions against Iran's central bank.
This move has been triggered more from the UN Sanctions than from the state of the Dollar but still, a disturbing trend. And why is Russia in such a hurry to trade with Iran after all -- that is not exactly a stable nation...
Posted by DaveH at January 8, 2012 5:06 PM