Moscow intending to put dollar, euro away in oil trade with Turkey, Iran

Tehran, April 10, IRNA - Russia is considering using national currencies in payments for oil, especially with Turkey and Iran, said Russian Energy Minister Alexandr Novak.

“There is a common understanding that we need to move towards the use of national currencies in our settlements. There is a need for this, as well as the wish of the parties,” Novak said, according to Russia Today website.

He said that this concerns both Turkey and Iran and 'we are considering an option of payment in national currencies with them'.

'This requires certain adjustments in the financial, economic and banking sectors,' Novak added.

Iran and Turkey signed an agreement in 2017 to use local currencies in trade in order to improve economic links and make bilateral trade easier, as well as getting rid of US dollar and euro.

Referring to the long attempts of Tehran to switch to non-dollar based trade and the signed agreements between Iran and several countries to use national currencies, Russia Today wrote that Iran and Russia are negotiating the issue.

'While meeting with Russian President Vladimir Putin in November, Iranian Supreme Leader [Ayatollah Seyyed] Ali Khamenei said that the best way to beat US sanctions against the two countries was joint efforts to dump the American currency in bilateral trade,' RT wrote.

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