Iran, Russia Ink Deal To Trade In Local Currencies, Dumb US Dollar: Report

Members of the Russian-led Eurasian Economic Union (EEU) signed a fully-fledged free trade agreement with Iran on December 25.

Iran and Russia have finalized an agreement to trade in their local currencies instead of the US dollar, Iran's state media reported on Wednesday.

The agreement was finalized during a meeting between the governors of the two countries central banks in Russia, it said.

Both Iran and Russia are subject to US sanctions.