Earlier this week, Iranian authorities accused the US of resorting to “economic terrorism” by deliberately hindering the country’s access to medicines and medical equipment from abroad.

Iranian President Hassan Rouhani has called on the Muslim world to join forces to put an end to the US’s efforts at “arrogant domination” of the global economy and politics.

“The Islamic world should adopt measures to set itself free from the domination of America’s financial system and the US dollar,” Rouhani said, speaking at the Kuala Lumpur Summit of Muslim-majority nations on Thursday.

The Iranian leader suggested that Islamic-majority countries could support one another, for example, by signing new banking cooperation agreements and forming new financial mechanisms.

For the moment, Rouhani said, “the interconnectedness of international economic, commercial and financial systems with the American economic regime and dollarisation of national and global economies have provided the US with the possibility of advancing its hegemony under the threat of sanctions and economic terrorism and imposing its illegitimate demands on the other nations.”

“Consolidation of political and economic capacities could turn the Muslim world into a powerful bloc in international relations,” Rouhani stressed, suggesting that the building of independent scientific and technological capabilities could help “eliminate grounds for the imposition of hegemony by others.”

“To this end, he voiced Iran’s support for the ‘Joint Kuala Lumpur Summit Fund to Finance Technology Cooperation Among Muslim States’, including cooperation in AI technology and cybersecurity, as well as joint market of Muslim states in digital economy and cryptocurrencies.”