Iranian Foreign Minister Mohammad Javad Zarif said on Sunday that America's economic influence would be eliminated if countries halt the use of dollars in their international transactions, reported Sputnik.
"America's power rests on the dollar; a great part of America's economic power will go away if countries eliminate the dollar from their economic systems," Zarif said at a school even in Tehran.
IMPRESSIVE PERFORMANCE!— Press TV (@PressTV) June 9, 2019
Iranian FM Javad Zarif praised the performance of talented 8th graders who played the role of Iran's future statesmen and discussed and presented solutions on how to confront US unilateral sanctions #NeverThreatenAnIranian #USSanctions @Jzarif pic.twitter.com/3kdVm6In0R
President Trump has waged economic warfare on Iran ever since Washington withdrew from the Joint Comprehensive Plan of Action (Iran nuclear deal). Washington has forced Iran's trade partners, who use dollars, to halt trade with Iran.
"It amounts, by definition, to economic terrorism because the US is putting pressure in terms of what its president calls warfare on normal ordinary Iranians in order to change the policies of their government," he told reporters.
Zarif isn't the only senior official in the world who has spoken about to dollar's demise; we reported last Wednseday that Russia and China are set to sign an agreement which would boost the use of their national currencies in bilateral and international trade, in an attempt to move away from the dollar.
"It is planned that Russia and China will be developing bilateral payments in national currencies, encourage and expand the use of national currencies, particularly through the promotion of their use when signing international trade contracts. According to the draft agreement, the sides will also assume the required measures to lift barriers for payments in national currencies. -TASS
De-dollarization efforts in Iran come against a new tranche of US sanctions on Tehran's petrochemical sector, targeting Persian Gulf Petrochemical Industries Company.
In response to worsening relations between Washington and Tehran, the US Navy's USS Abraham Lincoln aircraft carrier strike and bomber groups were deployed to the Gulf to send Iran a powerful message.
Iran has been preparing for de-dollarization for quite some time. Earlier this year, Iran announced that four of its banks had developed a gold-backed cryptocurrency called PayMon.
Iran is also escalating its de-dollarization effort by seeking a bilateral rial-yuan agreement with China.
The writing is on the wall for dollar hegemony: Iran is leading the charge, intending to eliminate the dollar from its trade, a move that could potentially lead to a shooting war with the Americans.