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[–]chakokat[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (3 children)

I think it’s more complex than that.

[–]yaiyen 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

From what i have heard its trade balance what make it hard to trade with local currency but with Iran and Russia they have being doing a lot of business for years. Its not like India who have noting to sell to Russia. So yes they could have long time go do trade with there own currency but they choose the mighty dollar. These country's cant be that incompetent sometime its just greed and they see one another like enemy. Now after its too late then they scramble to fix the mess

[–]chakokat[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

If Russia and Iran had started to do trade with their own currencies even 5 years ago what do you think would have happened? They would have been cut from SWIFT right then and there. BRICS was weaker 5 years ago, and the big ME oil producers were still enmeshed with the West. Both Iran and Russia have been in the crosshairs of the collective West for years that they had to be strong enough to survive the worst that the West would do in retaliation. Five years ago the US had a lot more power in the ME and 5 years ago neither Russia or Iran was strong enough to take that step and survive. Today they are.

[–]yaiyen 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

If Russia and Iran had started to do trade with their own currencies even 5 years ago what do you think would have happened?

Noting would have happen, they would have not cut them off SWIFT because they are trading with local currency, its not good enough reason. Some country's already used local currency to trade so its noting new, its just now they put it on high gear after USA take Russia off swift with excuse that they invade Ukraine. Look at Brics as example Russia and China dragged there feet for years they dint really put much thought in brics from what i see, only after the war started then they saw how much of a security risk SWIFT is and trade with west country's