December 9, 2023

Ali Shamkhani, secretary of Iran’s National Security Council, has said that recent bilateral cooperation efforts between his country and Russia are contributing to the nullification of US-established sanctions globally. The official said that many other countries are also in the process – giving up the hegemony of the US dollar.

Iran’s top security official states ongoing de-dollarization efforts will render sanctions useless

Ali Shamkhani, secretary of Iran’s National Security Council, issued his opinion on how bilateral deals and recent global de-dollarization efforts will have an impact on the effectiveness of US sanctions. Shamkhani in a meeting with Russian officials Explained According to Xinhua, recent bilateral progress between Iran and Russia, including on monetary and banking matters, is important “to thwart illegal Western sanctions”.

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At the same time, Shamkhani noted other de-dollarization movements around the world, noting that many other countries have also started following this path. Iran has been subject to US sanctions since 1979, lifted during the period 1981–1987, only to be reimposed and maintained since then.

The two countries, which are two of the most sanctioned nations in the world by the US, are on the verge of to be finalized A comprehensive strategic agreement that would further the integration between their economic systems, distancing themselves from Western influence and the influence of the US dollar in their trading operations.

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The establishment of sanctions and the so-called weaponization of the US currency have been in the spotlight recently, being criticized for their negative impact on the US dollar’s status as a reserve currency.

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Jeffrey Sachs, a well-known economist, recently said that other countries fear confiscation of their dollars if they get into a policy disagreement with the US, Jim Rickards, an economist and author of “Currency Wars” also criticized the US Described the behavior of In this regard, the Treasury described it as the dollar’s worst enemy as a reserve currency.

restrictions bring them together

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According to analystsThe continued enactment of sanctions, as well as the need to trade in goods that cannot be imported due to sanctions, have drawn these two countries into closer ranks together. There are not many companies or institutions that are willing to risk facing secondary economic sanctions, so they choose to cut ties with Russia and Iran, leaving behind even lucrative deals.

In fact, the latest round of sanctions Applicable To Iran on 2 March, several international companies accused of being involved in the transport or sale of Iranian oil and petrochemicals have been directed.

This is the reason both the countries are working to establish a multilateral International North-South Transport Corridor corridors This includes over 7,200 km of road, rail and maritime communication links, which will facilitate trade between Russia, Azerbaijan, Iran and India, as well as open up possibilities of reaching Central Europe.

What do you think about the recent de-dollarization efforts and bilateral agreements between Iran and Russia to avoid sanctions? Tell us in the comments section below.

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