Russia-Iran Trade Surges by 15%, Duma Speaker Says

Russia-Iran Trade Surges by 15%, Duma Speaker Says

TEHRAN (Tasnim) – Trade between Iran and Russia increased by 15% last year to reach $4.6 billion, Vyacheslav Volodin, the speaker of the Russian State Duma, said at a cabinet meeting on Monday.

The top lawmaker believes that the two nations are actively pursuing to increase trade, which is "extremely important in the conditions of sanctions pressure on our countries," according to RT.

He also lauded the deal between Iran and the Eurasian Economic Union (EEU), which is led by Russia, that was struck last week, stating that it will aid in boosting commerce between Russia and Iran.

Volodin argues that both nations should now concentrate on enhancing the effectiveness of their bilateral financial and banking cooperation, particularly by increasing the use of national currencies in settlements and by utilizing the Russian "Mir" and Iranian "Shetab" payment systems.

“It is important to use settlements in national currencies more actively. Much has already been done in this regard – now the share of the ruble and the rial in mutual settlements exceeds 60%. The work on the joint application of national payment systems is being completed. This will minimize the impact of sanctions, but also, of course, address issues related to mutually beneficial cooperation,” Volodin stated.

Due to Iran's geographical position, trade with Iran is not only significant for Russia on its own but is also considered as a "logistical bridge" between Russia and the Middle East, South, and Southeast Asia.

In the midst of Western sanctions against both Moscow and Tehran last year, cooperation between the two nations accelerated. Throughout 2022, the two sides came to a series of agreements that grew their mutual collaboration, ranging from contracts for the collaborative building of gas pipelines to barter supply arrangements for Iranian turbines, spare parts, and aircraft equipment.

Volodin and Speaker of the Iranian Parliament Mohammad Baqer Qalibaf met in Tehran on Monday to weigh plans to carry out the 25-year comprehensive cooperation agreement between the two countries.

Qalibaf said the third meeting of the Supreme Joint Parliamentary Commission of Iran and Russia has been held as the two countries have developed a common understanding of cooperation and sensitive issues.

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