St. Petersburg International Economic Forum (SPEIF) has provided a good opportunity to get rid of the dominance of the dollar in the economy and the so-called SWIFT system,” the Ambassador Extraordinary and Plenipotentiary of the Islamic Republic of Iran to Russia said on Wednesday.

Iran PressEurope:  “Iran is actively participating in the forum. SPIEF is not only an economic platform but also a political one. Important agreements and contracts are signed here, in addition, there is a closer and more direct building and establishment of economic partnership and strengthening of trade relations between countries, the most acute and important economic issues are being resolved,” Kazem Jalali told Sputnik.

“The level of participants here is very high and their number is amazing: about 18,000 guests from 34 countries of the world,’ the diplomat noted. “It particularly draws attention to the quality of organization and design of exhibition pavilions. It is impossible not to note the variety of discussion panels and important topics that are discussed here.”

“This forum is important, very effective, and has a practical component in resolving a number of paramount international economic issues,” he observed.

Jalali noted that the BRICS countries - Brazil, Russia, India, China, and South Africa - need to create a global bank wire service that does not depend on either SWIFT, which is centered in Brussels, Belgium, or the US dollar.

"The future of the world economy belongs to the BRICS. The dominance of the dollar in the world economy causes great harm. Today, the United States has taken hostage the economies of a number of countries through the dollar. Sanctions are another tool of the West,” he said.

Jalali observed there are about 26 countries on the US sanctions list, with Russia at the very top.

“This is nothing but economic terrorism, which affects not only the leaders of countries, it affects the lives of ordinary people,” he said. “Countries should not tolerate this and allow the US and Western countries to play with our destinies through the dollar. Under these conditions, we must get rid of the dominance of the dollar in the economy and the so-called SWIFT system.”

After the US unilaterally withdrew from the Joint Comprehensive Plan of Action (JCPOA) deal in 2018 and reimposed economic sanctions on Tehran, it forced SWIFT to comply with the sanctions and block trade with Iran on its network by threatening to sanction them as well. 

“Countries need to switch to payment in national currencies as soon as possible. We are able and must create our own payment system, independent of SWIFT,” Jalali urged.

“Iran and Russia already have experience in this regard, and we can share it with other countries. We already have a kind of club of countries under US sanctions. I am convinced that in the future, within the framework of BRICS and SCO [Shanghai Cooperation Organization], we will definitely have our own currency, the calculations will be independent of the US dollar."


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