TEHRAN - Chairman of Iran’s Expediency Council Seyyed Mahmoud Hashemi Shahroudi said on Saturday that the policy to remove U.S. dollar from economic transactions is very “important” and “valuable”.

“Implementation of this policy by cooperation of the countries that have constructive interaction with the Islamic Republic will be very effective in reducing negative effects of the sanctions given the fact that the U.S. has no weapon but sanctions which comes from its frustration,” he said during a meeting of the Expediency Council.

Relying on the domestic capabilities and adopting policy of resistance economy are best ways to counter sanctions, he noted.

During a meeting with Russian President Vladimir Putin on Wednesday, Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei suggested eliminating dollar from transactions.

“By ignoring the negative propaganda of the enemies, that seek to weaken relations between countries, we can nullify U.S. sanctions, using methods such as eliminating the dollar and replacing it with national currencies in transactions between two or more parties; thus, isolate the Americans,” the Leader stated.

So far Iran and Turkey have agreed to use national currencies in trade ties. Iran is also seeking to broker similar deals with Russia, China and South Korea which together account for more than 50 percent of Iran’s foreign trade.

NA/PA