Sunday 8 January 2012

IRAN, RUSSIA REPLACE DOLLAR WITH NATIONAL CURRENCIES IN TRADE EXCHANGES


A top official of (Indian) city-based UCO Bank said while payments for his country's oil imports would initially be in rupees, it would be then converted into a separate currency, which was yet to be decided by the apex bank.

January 8, 2011

Iran and Russia have replaced the 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 the 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).

"The move (imposing sanction on the CBI) is unacceptable. Russians have clearly announced that they will not accept these sanctions and Iran's nuclear issue is resolvable just through negotiations."

Iranian President Mahmoud Ahmadinejad hit back at the US after Washington introduced new sanctions against Iran's central bank. 

President Ahmadinejad told an annual meeting of senior central bank officials that Iran's central bank would respond with "force" to the new US sanctions intended to pressure Tehran to abandon its nuclear program.  He said the bank was strong enough to defeat "enemy plans".

The sanctions ~ which cut off from the US financial system foreign firms that do business with the central bank ~ are part of a defense bill signed by President Barack Obama earlier this month 

The extra US sanctions aim to squeeze Iran's oil sales, most of which are processed by the central bank, although many even in the West believe that the move would prove futile.

During the last two years, Iran has been replacing the dollar with other currencies in its trade with the outside world. 

Iran has replaced the dollar in its oil trade with India, China and Japan.

Late in November, the Reserve Bank of India (RBI) issued the needed permission to the Central Bank of Iran to open rupee accounts with two Indian banks, namely UCO and IDBI, as a long-lasting solution to the two countries' payment problems.

Both accounts were opened in the respective banks' Mumbai branches.  A top official of city-based UCO Bank said while payments for his country's oil imports would initially be in rupees, it would be then converted into a separate currency, which was yet to be decided by the apex bank.

2 comments:

  1. This is part of the manipulation to spark WWIII between Russia and the USA/NATO...and I think this is the year. We have seen a steady ramp up of negative stories on Russia in the last few months which will only increase leading up to the March elections in Russia. Speaking of that...western "intelligence" agencies (the same ones who produced and directed "the Arab Spring") are now inside Russia trying to gin up a "Russian Spring" and Putin knows what is up.

    Then we have stuff like this which IS the logical move for Russia and Iran to make BUT it also adds fuel to the growing geopolitical fire. I think ALL sides are being "influenced" and / or "advised" by "Jews" perhaps without even realising it.

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  2. You are, as ever, totally bang on Perry. All these thoughts and more ran through my head as I posted this piece.

    Once the banks become so very very directly involved, you know the fans are being turned on and the pots being filled with feces.

    And of course it is the only course Iran can take. Sanctions must by bypassed if the country is to survive but you know the banking cartel will not take that minor consideration seriously.

    I still think it just too rich that Hitlery was telling RUSSIA how to run "fair" elections considering the high level of fraud in America come election time!

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