Iran Looks to Cut Reliance on US Dollar

Iran must prepare to overcome new US sanctions, Parliament Speaker Mohammad Baqer Qalibaf, Tehran's chief negotiator with Washington, said on Friday. His comments came after US Treasury Secretary Scott Bessent announced what he described as the toughest sanctions ever imposed on Iran.

Washington is expected to provide details of the measures on 24 August. Bessent suggested that greater economic pressure could reduce the need for further large-scale military operations.

During a visit to Baghdad, Qalibaf accused the US and Israel of waging economic and "cognitive" warfare after concluding that they could not prevail in a direct military confrontation with Iran and Iraq.

Qalibaf said Tehran must therefore develop a plan to overcome the "unjust sanctions". He also called for stronger economic ties between Iran and Iraq, including greater use of their national currencies in bilateral trade to reduce reliance on the US dollar.

(Reuters, mja)