Iran and Russia Plan to Trade in Local Currency

Iranian official media reported today, Wednesday, that "Iran and Russia have reached an agreement to trade in their local currencies instead of the US dollar." The media stated: "Banks and economic entities can now use the infrastructure, including domestic interbank banking systems, without the need to use the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, to conduct transactions in local currencies." It added: "The agreement was signed during a meeting between the central bank governors of both countries in Russia." Both Iran and Russia are subject to US sanctions.