In anticipation of economic sanctions affecting … Russia is looking to use local currencies with Iraq instead of the dollar

Iraq and Russia are seeking to use national currencies in commercial transactions instead of the US dollar.

“The use of national currencies has been discussed and placed on the agenda for future meetings,” the daily Kommiarant said in a report.

“A program launched in Russia since 2018 aims to reduce the dependence of the Russian economy on the dollar, in anticipation of any economic sanctions that may be imposed by the United States, as this will reduce the impact of sanctions on the economic system in them,” the COMESARNET said.

It is noteworthy that an Iraqi-Russian agreement stipulated the establishment of joint cooperation committees, which meet semi-annually, to achieve common economic benefits.

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