Russia and Iran make progress in bilateral trade, almost completely "shunning" foreign currency

On October 22, Tehran Times quoted an announcement from the Kremlin Press Agency saying that Iran and Russia have used national currencies to pay for more than 96% of trade transactions between the two countries.

Russia and Iran use national currencies in most trade transactions. (Source: Shutter stock)

The Tehran Times newspaper reported that Russian and Iranian leaders prioritized developing bilateral trade and economic relations.

Trade between the two countries reached US$4 billion in 2023 and recorded an increase of 12.4% in the period from January to August 2024.

In particular, Russia and Iran have almost completely eliminated the use of foreign currencies in bilateral trade. Specifically, in the first 8 months of the year, more than 96% of the trade value was paid in national currencies.

Moscow and Tehran are implementing a number of large-scale joint projects in the transport and energy sectors, including the North-South international transport corridor. This transit route will shorten the time and distance of transporting goods from Russia and northern countries to the southern region.

Tehran Times also cited data from Iran's Customs Administration showing that the country's non-oil exports to Russia in the first 6 months of this year (from March 20 to September 21 according to the Iranian calendar) increased by 12% compared to the same period last year.

Iran exported 1.3 million tons of goods worth more than $494 million to Russia during this period.

In 2023 (ending March 20, 2024 according to the Iranian calendar), this Middle Eastern country exported 2.2 million tons of goods worth 965 million USD to the Russian market, an increase of 54% in volume and 28% in value.

Over the years, the two countries have taken serious steps to promote bilateral trade.

Earlier this year, Russia and Iran reached an agreement to boost bilateral trade to $10 billion a year, while also agreeing to remove trade barriers and increase economic and agricultural cooperation.

Source: https://baoquocte.vn/nga-va-iran-co-buoc-tien-trong-thuong-mai-song-phuong-gan-xa-lanh-hoan-toan-ngoai-te-291048.html