Excessive use reduces effect of U.S. sanctions: Iranian spokesman
TEHRAN, July 16 (Xinhua) -- Western and U.S. sanctions have become "a blunt sword" after excessive use, Abolfazl Amoui, spokesman for the National Security and Foreign Policy Commission of the Iranian parliament, said Saturday.
A number of countries are thinking about de-dollarizing their trade by using local currencies, Amoui told official IRNA news agency.
The Russian and Iranian banks have already adopted new financial mechanisms for trade transactions excluding the dollar, he noted.