Russia and Iran have been conducting an estimated 80% of their bilateral trade in their native currencies, the ruble and the rial respectively, which has reduced the influence of the USD in their economic relations.

The Deputy Prime Minister of Russia, Alexander Novak, recently revealed that the USD and the Euro now comprise less than 20% of their transactions. This shift is seen as a response to the economic sanctions imposed by the US government, which have made the use of the USD challenging for traditional financial transactions between the two nations.

Russia and Iran are exploring alternative solutions, including the adoption of other national currencies and the possibility of a gold-backed stablecoin for international settlements. This strategic shift could have ripple effects on the global financial landscape.