2 Countries to Sign Defense Deals in Local Currencies, Ditch US Dollar
Russia and Iran will sign a comprehensive defense deal defying the West and usher into a new era of strategic cooperation. The two countries plan to solidify their military relations and will settle the defense deal in local currencies and not the US dollar. The White House pressed sanctions on both Russia and Iran, and both countries are unable to use the US dollar. Both nations will depend on local currencies for cross-border transactions and further their security cooperation. Also Read: De-Dollarization: 12 Countries Officially Abandon the US Dollar The partnership indicates a changing landscape in the Middle East where Russia is extending friendly ties in the region. The paradigm shift in the geopolitical terrain makes Russia prime for partnerships with Middle Eastern nations. Most of the deals that Russia inks make local currencies the center of all transactions and not the US dollar. The development makes emerging economies gain through sanctions despite the West trying to suffo...