Cetoex News – Iran shows interest in joining BRICS and is ready to enter the alliance if accepted by the five-nation bloc. The BRICS countries are looking to create a new currency for global trade sidelining the need to pay in the U.S. dollar. The move could dampen the dollar’s power and send it on a downward streak in the coming years. The dollar might be overthrown if the yet-to-be-released currency is accepted by other nations around the world.

Iranian President Ebrahim Raisi confirmed that the country has formally sent its application to join BRICS. In an interview with the Lebanese television channel Al Mayadeen, Raisi explained why Iran must join BRICS and counter the dominance of the United States and its currency.

Why Does Iran Want to Join BRICS & Accept The New Currency?

The United States pressing sanctions against Iran is what led to the Islamic nation wanting to join the BRICS bloc. The U.S. sanctioned Iran for human rights violations and also for its role in promoting terrorism around the world. Also, several leading Iranian firms are blacklisted and unable to do business with other nations.

Raisi condemned the U.S. sanctions saying that too much financial power has gone into the hands of America. “We condemn the unipolar world order which makes it possible for the United States and some three to four other countries to feel the rulers of the world. Iran wants to have constructive relations with all states on the basis of common interests,” he said.

The President also added that Iran is “getting prepared to join (BRICS)” after entering the Shanghai Cooperation Organization (SCO). For the uninitiated, Iran is the newest member of the largest regional organization the SCO, and joined in April 2023. Moreover, Iran’s Foreign Minister Hossein Amir Abdollahian said that the country is committed to a “balanced, smart, active and dynamic” foreign policy approach.

NEWS BY – CETOEX NEWS

Cetoex News – The global economy is currently witnessing the de-dollarization phenomenon bloom. Over the past few weeks, several nations have steered away from the U.S. dollar. Iran is now the latest one to jump onto the bandwagon.

The Secretary of Iran’s Supreme National Security Council, Ali Shamkhani, recently said that reducing the influence of the U.S. dollar on regional and international trade will minimize the dominance of the West over the global economy.

Shamkhani made the aforementioned assertion during his meeting with the visiting Russian President’s Aide, Igor Levitin, in Tehran on Sunday. During the meet, Shamkhani indicated that the process to reduce the dollar’s influence on economic transactions has already started. He stressed that many countries are now joining the path.

A few days back, the Malaysian Prime Minister said that there is no reason to continue to depending on the U.S. dollar. Alongside, Saudi Arabia’s Crown Prince also said recently that he is no longer interested in pleasing the U.S. In fact, even France’s President asserted a few hours back that Europe must reduce its dependency on the U.S. Furthermore, the Chinese yuan also flipped the U.S. dollar to become the most traded currency in Russia last week.

Iran-Russia team up against U.S.

The economic and political co-operation between Iran and Russia has improved over the past few months. Here, it is worth noting that both Iran and Russia are currently under sanctions imposed by the United States. Thus, they have been expanding their relations to tackle the United States’ moves together.

Shamkhani labelled the latest initiatives agreed by Iran and Russia in the monetary and banking domain as an “effective” method for “dooming the illegal Western sanctions to failure.” Alongside, he underlined the need to bolster the joint economic projects’ implementation.

Talking about the visits by the two countries’ economic and banking officials over the past few months, Shamkhani said that a favorable ground has been prepared to sign economic deals and attract other countries to participate in various projects.

NEWS BY – CETOEX NEWS