Saturday, January 7, 2012

Iran & Russia Replace US Dollar With Ruble & Rial for Trade Deals

Even in the wake of the Euro debt collapse, the US dollar is rapidly diminishing in its role as world reserve currency, with GOLD and national currencies taking its place. 
Iran will be selling Russia its oil for rubles going forward, rather than dollars.  This is the sort of thing that earned Gaddafi a NATO invasion.

TEHRAN (FNA)- Iran and Russia have replaced US Dollar with their own currencies in their trade ties, a senior Iranian diplomat announced on Saturday.

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).
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