Iran needs to enter into negotiation with countries that have been hit by the dominance of US dollar to develop financial arrangements to facilitate mutual trade, a lawmaker said.
“Today, decision-makers in countries victimized by the United States’ policies have come to this conclusion and we only need to create the infrastructure to be able to stand on our own feet,” Ahmad Alireza-Beigi also said in an interview with ICANA.
After the US scrapped the 2015 nuclear deal, it restored sanctions on Tehran, which have restricted its international trade and crippled its economy. The hostile measures have also negatively affected Iran’s trade partners and oil clients.
The European Union is struggling to set up a payment channel known as special purpose vehicle to enable non-dollar trade with Iran.
It could have taken a stronger initiative by designating a bank with no exposure to the American monetary system, instead of a financial channel, for facilitating transactions with Iran.
“Even if the SPV is activated, it won’t be functional in the first months as Europe says … Europeans have only wasted our time,” he said.
Alireza-Beigi called for independent financial cooperation with countries affected by US sanctions, such as Turkey, Pakistan, India and Russia.
