{"id":64999,"date":"2023-02-11T07:51:59","date_gmt":"2023-02-11T12:51:59","guid":{"rendered":"https:\/\/olduvai.ca\/?p=64999"},"modified":"2023-02-11T07:51:59","modified_gmt":"2023-02-11T12:51:59","slug":"the-big-stiff-russia-iran-dump-the-dollar-and-bust-us-sanctions","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=64999","title":{"rendered":"The Big Stiff: Russia-Iran dump the dollar and bust US sanctions"},"content":{"rendered":"
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The Big Stiff: Russia-Iran dump the dollar and bust US sanctions<\/a><\/h3>\n
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News of Russian banks connecting to Iran\u2019s financial messaging system strengthens the resistance against US-imposed sanctions on both countries and accelerates global de-dollarization.\u00a0<\/strong><\/div>\n<\/div>\n
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Photo credit: The Cradle<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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The agreement between the Central Banks of Russia and Iran formally signed on 29 January connecting their interbank transfer systems is a game-changer in more ways than one.<\/div>\n<\/div>\n
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Technically, from now on 52 Iranian banks already using\u00a0SEPAM<\/a>, Iran\u2019s interbank telecom system, are connecting with 106 banks using\u00a0SPFS<\/a>, Russia\u2019s equivalent to the western banking messaging system SWIFT.<\/p>\n

Less than a week before the deal, State Duma Chairman Vyachslav Volodin was in Tehran overseeing the last-minute details, part of a meeting of the Russia-Iran Inter-Parliamentary Commission on Cooperation: he was adamant both nations should quickly increase trade in their own currencies.<\/p>\n

Ruble-rial trade<\/strong><\/p>\n

Confirming that the share of ruble and rial in mutual settlements already exceeds 60 percent, Volodin ratified the success of \u201cjoint use of the Mir and Shetab national payment systems.\u201d Not only does this bypass western sanctions, but it is able to \u201csolve issues related to mutually beneficial cooperation, and increasing trade.\u201d<\/p>\n

It is quite possible that the ruble will eventually become the main currency in bilateral trade, according to Iran\u2019s ambassador in Moscow, Kazem Jalali: \u201cNow more than 40 percent of trade between our countries is in rubles.\u201d<\/p>\n

Jalali also confirmed, crucially, that Tehran is in favor of the ruble as the main currency in all regional integration mechanisms. He was referring particularly to the Russian-led Eurasian Economic Union (EAEU<\/a>), with which Iran is clinching a free trade deal.<\/p>\n<\/div>\n

\u2026click on the above link to read the rest\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Big Stiff: Russia-Iran dump the dollar and bust US sanctions News of Russian banks connecting to Iran\u2019s financial messaging system strengthens the resistance against US-imposed sanctions on both countries and accelerates global de-dollarization.\u00a0 Photo credit: The Cradle The agreement between the Central Banks of Russia and Iran formally signed on 29 January connecting their […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[63,124,1997,441,4076,694,839,5482],"class_list":["post-64999","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-banks","tag-central-banks","tag-economic-sanctions","tag-iran","tag-pepe-escobar","tag-russia","tag-us-dollar","tag-world-reserve-currency"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64999","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=64999"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64999\/revisions"}],"predecessor-version":[{"id":65000,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64999\/revisions\/65000"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=64999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=64999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=64999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}