Russia and Iran Officially Abandon the U.S. Dollar

Russia and Iran have now concluded a deal to conduct trade in their own currencies—the ruble and the rial—instead of the United States dollar, Iranian state media said on December 27.

“Banks and economic actors can now use infrastructures including non-swift interbank systems to deal in local currencies,” Reuters quoted Iranian state media as saying.

China too: The news follows reports last week that Russia and China have almost completely eliminated the U.S. dollar from their bilateral trade. More than 90 percent of Russia-China trade is now conducted in the Chinese yuan or Russian ruble, Russian Prime Minister Mikhail Mishustin said.

Leaders of nations such as Russia, Iran and China have long sought to bypass the U.S. dollar, but avoiding it proved challenging, due mainly to the size of America’s economy, the dominance of U.S. markets, and the momentum of long-standing global financial practices. Now, however, as geopolitical tensions are rising, these nations are finding methods to make it reality.

The Trumpet said: For five decades, the Trumpet and our forerunner magazine, the Plain Truth, have warned that a major financial crisis centered in the U.S. will send reverberations across the planet and reshape the entire geopolitical landscape. In 1968, Plain Truth editor in chief Herbert W. Armstrong wrote: “If the dollar is devalued, inflation will almost surely result, and eventual economic collapse for the United States” (co-worker letter; March 26, 1968).

This sobering forecast is based on Bible prophecy.

Learn more: Read “When Will the Dollar Collapse?”