Iran accepts Russia's offer on Rial-Ruble trade amid West's barrage of financial sanctions

In a massive development, Russian state-affiliated Media Sputnik on Friday, April 1 reported that Iran is willing to trade with Russia in their national currencies. As per the report, Deputy Head of Central Bank told Sputnik that Tehran is mulling over switching the trade in Rial and Ruble amid the ongoing war.

Iran accepts trade offer in Rubles

Ditching the global currencies, the two allies will reportedly now trade in the Iranian Rial and Ruble. The development comes at a time when Syria and Iran have pledged their allegiance to Moscow amid the ongoing war and towed the Kremlin’s line to accept the ongoing Russian aggression as a ‘special military operation’ and not war.

This came at a time when Russia is looking to strike new trade deals to revive its dilapidated economy. Russia's economic situation has further worsened over recent days as MNCs continue to desert the nation and gigantic sanctions on its industrialists, oligarchs and businesses are being imposed. Russia has reportedly surpassed Iran and North Korea as the country with the largest economic sanctions.

Iran pledges allegiance to Russia amid war

Iranian President Ebrahim Raisi was one of the first global leaders who have reached out to President Putin after the war broke out on Feb 24 and echoed Moscow’s clarification of ‘NATO’s expansion being a threat to the security and stability of Independent countries in various regions.’

Besides, Tehran has vociferously condemned the ‘unilateral sanctions’ being imposed by the Western nations on Russia. Meanwhile, in a bid to pledge support to President Vladimir Putin at a time when attempts are being made to globally isolate Russia, Iranian Foreign Minister Hossein Amir-Abdollahian visited Moscow on March 15.

Iran's 'objective assessment' of War

During Abdollahian's visit, the Russian Foreign Ministry had stated that the two countries are preparing new documents aimed at legitimizing a new level of cooperation. Russian FM Sergey Lavrov also noted that their trade turnover is gradually expanding at a record pace. Lavrov further thanked Tehran for adopting an ‘objective stance’ on Russia's military intervention in Ukraine

He went on to say that he would also like to express his gratitude for their 'objective assessment' of the situation in Ukraine. The Russian foreign minister stated that international cooperation has always played an important role in Moscow-Tehran relations.

Iran's Foreign Minister Amir-Abdollahian also deliberated on the situation in Ukraine and the new regional and international situation. Abdollahian had said that Iran cannot remain unconcerned by the developments in Ukraine, and Tehran condemns unilateral sanctions imposed by any country.