Iran says is ready to create a joint bank account with Russia to facilitate trade between the two countries in their own currencies.

President Vladimir Putin has raised the ante in Russia’s bid to cut dependence on the dollar, urging greater use of the national currency, the ruble, in oil deals.

Russia’s national currency loses value after China devaluates yuan against the US dollar.

Iran and Russia are boosting their economic cooperation, planning to switch to their national currencies in bilateral trade. Sanaei made the remarks in a meeting of Iran-Russia Joint Chamber of Commerce in Tehran. He said representatives of two Russian banks visited Iran last week to examine the possibility of establishing a joint bank account. The Iranian envoy also noted that Russia’s Mir Business Bank is prepared to facilitate money transfer for Iranian traders. Sanaei said the move is aimed at easing the transfer of money earned from Iran's exports to Russia and Central Asia. The two countries have been looking for alternative ways of expanding bilateral ties since Western economic sanctions came into effect.

Iran says it plans to establish joint rial accounts for Russian banks in Iran.

Russia’s currency ruble has tumbled more three percent against the dollar, the biggest two-day drop since January.

The Russian ruble has made the highest gains in almost five months.

Russia forecasts oil production to fall by 2% in 5 years.

Russia says Moody’s latest move to cut the country’s credit rating is politically motivated.

A poll shows trust for Russian President Vladimir Putin among his countrymen has hit a new record high.