Russia, Iran Draft 2024-26 Plan to Expand Currency Use
A leaked 44-page document outlines a joint strategy to increase bilateral trade in national currencies and expand energy cooperation.
Key points
- A leaked Russian document outlines a 2024-2026 plan to increase trade in national currencies from 68% to 71%.
- The roadmap expands nuclear cooperation at the Bushehr plant and targets specific Iranian oil fields for Russian investment.
- The plan sets deadlines for localizing aircraft component manufacturing in Iran amid strengthened U.S. sanctions.
According to a report by Fox News, which cited a nonpublic Russian government document, Moscow and Tehran finalized a multi-year roadmap to counter Western financial restrictions. The 44-page plan, approved in September 2024, details specific measures to deepen economic ties and reduce reliance on international payment systems controlled by the West.
The document, titled “Plan for Cooperation Between the Russian Federation and the Islamic Republic of Iran for 2024-2026,” sets out targets for financial independence and industrial collaboration. While the text does not explicitly use the term “sanctions evasion,” it focuses on expanding the use of national currencies and establishing independent financial communication channels as a response to what Russia describes as unilateral restrictive measures.
Financial Integration and Currency Shifts
A central pillar of the strategy involves increasing the share of bilateral trade conducted in national currencies. The plan aims to raise this figure from 68 percent in 2024 to 71 percent by 2026. It also calls for the expansion of correspondent accounts denominated in these currencies and the use of independent systems for transmitting financial messages, though it does not specify which alternative systems are intended to bypass existing global networks.
Energy and Nuclear Cooperation Scope
The roadmap includes provisions for continued Russian oversight of the Bushehr nuclear power plant, including technical support for existing units and construction work for new ones. Analysts note that while the project existed prior to this document, the 2024 plan formalized and expanded these commitments. Additionally, the document lists specific Iranian oil and gas fields, such as Shadegan and North Pars, as targets for Russian investment, with financing details marked as confidential.
Industrial Manufacturing and Sanctions Pressure
The plan also addresses the localization of aircraft component manufacturing in Iran, setting deadlines for concluding agreements and launching prototype production. These efforts occur against a backdrop of intensified U.S. pressure, including a new law signed by President Trump that strengthens sanctions and grants authority for higher tariffs on countries purchasing Russian energy. The convergence of these diplomatic and economic moves highlights the growing complexity of the geopolitical landscape.
As the situation evolves, observers will watch for tangible implementation of these industrial and financial pledges. The upcoming deadlines for manufacturing agreements and the continued activity at the Bushehr site will serve as key indicators of whether this multi-year strategy translates into concrete shifts in the economic relationship between the two nations.
