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Iran encourages Russia to ditch the dollar

Russian President Vladimir Putin (Center L) meets with Iranian President Hassan Rouhani (Center R) in Tehran, Iran on 1 November 2017 [Presidency of Iran/Anadolu Agency]

Iran has suggested isolating the US by ditching the dollar during a meeting yesterday with Russian President Vladimir Putin in Tehran.

Remonstrating against US threats to impose new sanctions and cancel the nuclear agreement, Supreme Leader Ali Khamenei said: "We can nullify US sanctions, using methods such as eliminating the dollar and replacing it with national currencies in transactions between two or more parties; thus, isolate the Americans."

Putin, who is visiting the region for trade talks, gave strong backing to the nuclear deal with major world powers. Moscow has condemned America's "unilateral sanctions" against Iran as illegal. Putin considers Iran a "strategic partner and a great neighbour" adding that Russia "will take advantage of every opportunity to expand and consolidate relationships in all dimensions."

The Russian premier criticised American interference in the region and described his country's warm relations with Tehran. Despite the sanctions, Putin said: "We devoted our funds to scientific and technological progress, and we had significant growth in the fields of biotechnology, IT, agriculture and space industries. Now, in spite of the initial concerns, we have realised that we can do whatever we decide to."

This isn't the first time the Mullahs in Iran have threatened to ditch the dollar for US misdemeanour. They threatened to replace the dollar following President Donald Trump's controversial Muslim ban, which barred citizens of Iran and number of other Muslim majority countries from entering the US.

Read: US withdrawal from Iran deal will destabilise Middle East, says Russian official

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