Iran has proposed creating a new currency to do trade with China, Russia, India, Pakistan, and other members of the Shanghai Cooperation Organization (SCO).
Tehran sent a letter to the SCO in early 2022 suggesting that a new currency could help the Eurasian nations strengthen their bilateral trade with each other, according to Iran’s foreign minister for economic diplomacy, Mehdi Safari.
A Eurasian currency would also make it easier for these countries to circumvent unilateral Western sanctions, which are illegal under international law.
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