TEHRAN – Iran has proposed a set of procedures to Russia for doing bilateral business in national currencies.

Central Bank of Iran’s International Relations Director Hossein Yaqubi said Tehran and Moscow are likely to reach an agreement soon to use their national currencies, Mehr reported on Friday.

Russia has recently started efforts to reach agreements with Chinese and Iranian to reduce their dependence on the U.S. dollar.

Yaqubi said Russia is currently considering Iran’s proposal and will soon provide an answer.

SP/