Iran says it will start trading with Russia in rials soon

Central bank claims channel could support $1.5bn transactions but expert is sceptical

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Iran’s central bank said it will start using the rial in its trade with Russia soon, according to a press release on May 13.

The Central Bank of the Islamic Republic of Iran said it agreed to exchange rials and rubles in bilateral trade with Russia. The arrangement would avoid the use of the US dollar or the euro.

“To put it simply, it is agreed that the Bank of Russia will give us rubles in exchange for rials, or vice versa,” Mohsen Karimi, the vice-governor of the international affairs section

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