Iran, Russia and Turkey Likely to Eliminate USD in Trilateral Trade
Iran, one of the largest steel producer in MENA region is currently facing sanctions imposed by US. Post US Sanctions, Iranian economy continues to hit adversely which resulted into depreciation of IRR.
Owing to US Sanctions many countries suspended their trade with Iran which resulted to sudden downfall in trade. According to IMIDRO, export by Major Iranian witnessed a downfall of 32% M-o-M.
Recently, Turkey and Russia along with Iran discussed about a possible replacement of the USD by national currencies. It is to be noted that all the three countries are involved into steel trade with each other. Iran is one of the major exporter of billet to Turkey. Whereas both Iran and Turkey are one of the key importers of Russian finished flat steel.
Leaders of all the three countries are bullish about the positive outcome from this discussion. According to Iranian Central Bank Governor Abdolnasser Hemmati, “we have decided to proceed with further work in light of the agreements reached at a meeting with the Russian Central Bank governor in Moscow”.
Mr. Hadai Tizhoosh Taban, the president of Iran-Russia Chamber of Commerce, described the trilateral agreement as a “good catalyst” for the businesspeople of the three countries. He said that agreement between Iran, Russia and Turkey can give Iran access to the Eurasian markets with lower tariffs.
According to a trader from Iran, “Currently, a barter agreement is underway with few countries and there is no problem, as long as there is no surplus. Second wave of US Sanctions is likely to hit Iran in November and it is expected to affect banking in Iran. If this trade agreement between these three countries happens then it will definitely ease the dependency on USD for trading.
source: SteelMint
Top News
Five last month
Two last year
US Energy Dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine
Abandoned copper mines embraced as fast track to boost output
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Mercuria eyes equity in African assets, new metals boss says
Glencore posts lower metals output for first nine months, reiterates outlook
Gold price surge adds glitter to tarnished miners
Traders see gold as a surefire bet as coin-toss election looms
Anglo American sells Australian coal JV stake for $1.1 billion
Gold price shows little reaction to jobs data
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
Liberty Gold advances Black Pine project permitting
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years