Iran's ambassador to Russia announced collaboration between Russia and Iran to establish a single currency for the BRICS economic bloc, aiming to reduce reliance on the U.S. dollar.

Speaking at the "Russia – Islamic World: Kazan Forum 2024," the ambassador emphasised Iran's active role in this initiative under Russia's BRICS chairmanship.

Over 60% of bilateral trade between Russia and Iran is conducted in rubles and rials, signaling a shift towards national currencies in settlements.

The move comes amid growing global interest in reducing dependence on the dollar, with discussions on a common BRICS currency gaining traction.