"In what appears as swift retaliation by Iran against U.S.-led economic sanctions imposed on the Persian Gulf state, suddenly Iran says it will no longer accept the U.S. dollar as payment for its oil shipments to India, Japan and China.
In addition, bilateral trade between Iran and Russia will break from the dollar for settlement in favor of Iranian rial and Russian rubles, according to Iran’s state-run Fars news agency.
But unlike a similarly bold move taken on Oct. 30, 2000, by Saddam Hussein to rid Iraq of the U.S. dollar as payment for Iraqi oil, Iran asserts the new arrangement to drop the dollar was Russia’s idea."
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