Iran’s President Ebrahim Raisi has pushed for de-dollarization, stating that any attempt to “shape a fair international system” requires the removal of the U.S. dollar. “What forms the basis of the Western domination system has been the dominance of the dollar,” the Iranian leader stressed.

Iranian President Calls for De-Dollarization at SCO Summit

Iran’s President Ebrahim Raisi emphasized the need to de-dollarize in his remarks at the 23rd virtual summit of the Shanghai Cooperation Organisation (SCO) Council of Heads of State on Tuesday. Iran became a new permanent member of the SCO at the summit, which was hosted by India and chaired by Indian Prime Minister Narendra Modi.

The summit was also attended by China’s President Xi Jinping, Russia’s President Vladimir Putin, Kazakhstan’s President Kassym-Jomart Tokayev, Kyrgyzstan’s President Sadyr Japarov, Pakistan’s Prime Minister Shehbaz Sharif, Tajikistan’s President Emomali Rahmon, and Uzbekistan’s President Shavkat Mirziyoyev.

During his address at the summit, the Iranian president underscored the importance of establishing a fairer world order in which the U.S. dollar is no longer the only dominant currency. “The Western hegemonic powers, by resorting to economic coercion and sanctions, have jeopardized the security and economic prosperity and the principles of fair trade in the world,” Raisi was quoted by the Tehran Times as saying.

“Relying on the experience of the past decades, it is now quite evident that, along with militarism, what forms the basis of the Western domination system has been the dominance of the dollar,” he continued, emphasizing:

Therefore any attempt to shape a fair international system requires the removal of this instrument of dominance in intra-regional relations.

“Expanding the use of national currencies in international trade and financial exchanges between the members of this organization and their business partners requires more serious attention,” the Iranian leader further stressed. “The Islamic Republic of Iran welcomes any move to introduce financial payment instruments based on modern technologies to facilitate financial exchanges between members and business partners, especially in multilateral frameworks.”

Iran’s president additionally noted that the SCO member countries can build unity and peace by promoting civilization based on ethics, spirituality, justice, rationality, and respect for human dignity. He opined:

The Shanghai Cooperation Organisation, which is a symbol of this ‘great family of civilizations,’ is now standing in a position that can establish new horizons of regional convergence and security-building cooperation.

“Regarding respect for the sovereignty of nations: multilateralism in the contemporary world means joint efforts and synergy of independent countries to achieve common good. Such a perception of multilateralism is in conflict with security alliances to promote violence and hostility with other countries. Real multilateralism is for the benefit of the nations and not for the powers. In the light of respecting the sovereignty of countries and relying on mutually beneficial cooperation, the lofty goals of security and sustainable development can be realized,” Raisi further said.

At the summit, Chinese President Xi Jinping and Russian leader Vladimir Putin also pushed for the use of national currencies in trade settlements. According to Putin, more than 80 percent of commercial transactions between Russia and China are carried out in Russian rubles and Chinese yuan.

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