DUBAI, Dec 27 (Reuters) – Iran and Russia have finalised an agreement to trade in their local currencies instead of the U.S dollar, Iran’s state media reported on Wednesday.
The agreement was finalised during a meeting between the governors of the two countries’ central banks in Russia, it said.
Both Iran and Russia are subject to U.S. sanctions.
“Banks and economic actors can now use infrastructures including non-SWIFT interbank systems to deal in local currencies,” state media said.
Iran has become increasingly important for the Kremlin after Western sanctions over Moscow’s conflict in Ukraine limited Russia’s foreign trade routes and forced it to look for markets outside Europe.
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Reporting by Elwely Elwelly; editing by Christina Fincher
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