Iran and Russia Discuss Ditching USD: A Crypto Perspective

• Iran's President Ebrahim Raisi Discusses US Dollar Status with Putin
• Putin's Middle East Diplomacy
• BRICS Expansion and De-Dollarization
• Iran's Involvement in De-Dollarization
• Focus on Local Currencies
• Change in Middle Eastern Relations

Iran's President Ebrahim Raisi Discusses US Dollar Status with Putin

Following a historic visit to the Middle East, Russian President Vladimir Putin met with Iran's President Ebrahim Raisi in Moscow to discuss the possible termination of the US Dollar's dominance. This comes as Iran progressively incorporates within the broadened BRICS alliance, joining other nations in an expansion initiative set to commence in 2024.

Putin's Middle East Diplomacy

Prior to this meeting, Putin had made his initial Middle Eastern visit early in 2022, making stops in Saudi Arabia and the United Arab Emirates (UAE). These visits centered on strengthening relations between Russia, BRICS, and the leaders of the region, with a primary focus on the bloc's overarching de-dollarization mission.

BRICS Expansion and De-Dollarization

Over the past year, the growth and influence of BRICS have become significant talking points in geopolitical conversations. The enlargement of the alliance's membership, together with its core values, has shaped discussions on the potential achievements of this economic partnership. Russia has played a crucial role in driving this growth.

Iran's Involvement in De-Dollarization

After Putin's landmark visit to the region, President Ebrahim Raisis of Iran met with him in Moscow to discuss the de-dollarization initiative. This meeting furthers Iran's efforts to enhance the bloc's collaboration, especially after announcing that Russia will place special emphasis on BRICS in 2024.

Focus on Local Currencies

It's challenging to imagine these conversations happening without addressing the US dollar and the global de-dollarization issue. Ever since Russian sanctions were put in place, the use of local currencies has become central to BRICS initiatives. Furthermore, joining this alliance was a stepping stone to reducing the US dollar's role in international trade.

Change in Middle Eastern Relations

Both the UAE and Saudi Arabia have traditionally maintained close ties with the United States, while their connections with Russia have been growing. Iran, on the other hand, seems very willing and ready to adopt the de-dollarization initiatives. Putin's focused efforts on the Middle East, despite ongoing conflicts, suggest a foundation for greater geopolitical change in the future.

Edited by Jonathan Stoker