The exchange rate for transactions with ‘friendly’ countries is still calculated through the greenback
Moscow is looking for ways to unpeg settlements with foreign partners from the US dollar, RBK reported on Saturday, citing sources in the financial market and the government.
Russia has stepped up efforts to switch international settlements to national currencies after a number of Western nations placed sanctions on the country earlier this year in connection with the conflict in Ukraine. As sanctions jeopardized Russia’s transactions in euros and the dollar, these currencies have been deemed compromised.
However, the exchange rate used in cross-border trade in local currencies is still calculated through the dollar. For example, when determining the ruble-tenge rate, the rate of the Kazakh currency is calculated through the dollar to determine the ruble price of a tenge and vice versa.
RBK’s sources say that Russia’s Central Bank and Finance Ministry are now working together with banks on a mechanism that would allow Russia to set prices for foreign contracts using new indicators that don’t take into account the dollar exchange rate.
One way is to create a basket of currencies that would presumably be pegged to one another. Another option is to introduce a new payment unit for foreign trade contracts, the value of which would be pegged to commodities such as gold and other precious metals. In that case, the exchange rate world depend on the average prices of these commodities in global markets.
A third option on the table is simply to peg the national currencies to gold or oil. However, this may also be problematic because both oil and gold are priced in dollars.
One source told RBK that the exchange rate in foreign trade contracts could be calculated using the Chinese yuan instead of the dollar, as China has not sided with the West in the sanctions war against Russia. However, the yuan is not a freely convertible currency and Beijing’s consent would be required for the mechanism to be implemented.
https://www.rt.com/business/566816-russia-decouple-national-currencies-dollar/
The Islamic Revolution Guards Corps’ (IRGC) Intelligence Unit says Iran will consider the Israeli regime’s shelters “legitimate targets” if residential areas in the country come under attack.
In a post published on social media platform X on Tuesday, the IRGC said that any strikes on residential areas in Iran would give Iran’s armed forces the right to attack Israeli shelters in the occupied lands.
The IRGC stated that it has intelligence on the blueprints and the exact locations of these shelters.
Iran began its Operation True Promise 4 after the US and Israel launched their joint military aggression against the Islamic Republic in late February by assassinating Leader of the Islamic Revolution, Ayatollah Sayyed Ali Khamenei, and several senior Iranian officials.
In its latest wave of attacks, the IRGC said it rained down missiles on the Israeli regime’s “secure” intelligence facilities in Tel Aviv.
Iranian armed forces have also pounded American military bases and ...
In a fresh wave of retaliatory strikes, the Islamic Revolution Guards Corps (IRGC) targeted the Israeli regime’s “secure” intelligence facilities in Tel Aviv.
The IRGC’s Public Relations Department said in a statement on Tuesday that it had carried out the 79th wave of its ongoing retaliatory Operation True Promise 4 against the Israeli and American targets.
Deploying powerful Kheybar Shekan, Emad, and Sejjil missiles alongside IRGC Aerospace Force kamikaze drones, the operation successfully breached the regime's multi-layered air defense systems, the statement said.
The missiles, it stated, targeted Israel’s intelligence facilities in northern and central Tel Aviv, as well as military commercial and support centers in Ramat Gan and the Negev.
The missiles also hit Israel’s southern military logistics and command headquarters in Beersheba.
The missile strikes triggered widespread panic across Israel and forced the suspension of a Knesset (parliament) session on Tuesday.
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The Islamic Revolution Guards Corps (IRGC) announces staging the 78th wave of its underway retaliatory Operation True Promise 4, targeting such highly sensitive Israeli targets as Dimona, Tel Aviv, and Eilat as well as several US military bases in the region.
In a statement on Tuesday, the IRGC described the latest phase of the operation as a significant development featuring missiles raining down on enemy targets as the nation was leveling momentous support behind the Islamic Republic by attending millions-strong rallies with "clenched fists."
'A distinct record'
The latest phase, it noted, "has set a distinct record in the timeline of the war."
According to the statement, targets in the occupied port of Eilat, Dimona, a heavily fortified city that hosts the Israeli regime's notorious nuclear reactor in its vicinity, and northern Tel Aviv were struck using Emad and multi-warhead Qadr missile systems along with attack drones.
This was the second time the Corps was hitting Dimona, ...
