Global “de-dollarization” is accelerating, Russia and Iran agree to avoid using U.S. dollar in bilateral trade

Russia and Iran have reached an agreement to avoid using the U.S. dollar in bilateral trade in favor of using their own currencies, according to a new report.
According to Iranian state media, the two central bank governors signed the agreement at a recent meeting. Banks and economic participants can now use infrastructure, including non-SWIFT interbank systems, to conduct local currency transactions.
Russia and Iran have struggled to move away from the dollar in recent years as the United States has used the dollar's global dominance to impose economic sanctions on Russia and Iran.
Russia has previously announced that it will no longer accept U.S. dollars as a method of payment for its energy commodities, and will instead use yuan and UAE currencies.