U.S. Dollar Loses Influence As Iran Reduces Dependency

Key Points:

• Many countries are reducing their dependence on the U.S. dollar to minimize the dominance of the West on the global economy.
• Iran, Saudi Arabia, France, and Malaysia are among the latest countries to steer away from the U.S. dollar.
• The economic and political cooperation between Iran and Russia is improving, and both countries are under U.S. sanctions.

Several countries are steering away from the U.S. dollar to reduce dependence and minimize West’s dominance. Iran, Saudi Arabia, France, and Malaysia are among the countries taking this path. The economic and political cooperation between Iran and Russia is improving.

In recent weeks, the global economy has been witnessing an interesting phenomenon known as “de-dollarization.” Several countries have steered away from the U.S. dollar, and Iran is the latest nation to join this movement. This phenomenon has been fueled by the desire of many countries to reduce their dependence on the U.S. dollar and minimize the dominance of the West over the global economy.

The Secretary of Iran’s Supreme National Security Council, Ali Shamkhani, recently stated that reducing the influence of the U.S. dollar on regional and international trade would be a critical step in achieving this goal. During his meeting with the Russian President’s Aide, Igor Levitin, in Tehran on Sunday, Shamkhani emphasized that many other countries are following this path.

The move by Iran comes after the Malaysian Prime Minister recently stated that there is no reason to continue depending on the U.S. dollar. Additionally, Saudi Arabia’s Crown Prince expressed disinterest in pleasing the U.S., and France’s President asserted that Europe must reduce its dependency on the U.S. Furthermore, the Chinese yuan has overtaken the U.S. dollar as the most traded currency in Russia.

The economic and political cooperation between Iran and Russia has been improving over the past few months. Both countries are currently under sanctions imposed by the United States, which has led them to expand their relations to tackle the United States’ moves together. Shamkhani called the latest initiatives agreed upon by Iran and Russia in the monetary and banking domain an effective method for “dooming the illegal Western sanctions to failure.” He also underlined the need to strengthen the implementation of joint economic projects.

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