Iran and Russia increase the use of national currencies in trade by 60 percent

The share of the Russian ruble and the Iranian rial in trade between Russia and the Islamic
Republic of Iran has exceeded 60 per cent, according to the head of the Iran-Russia Chamber of
Commerce.

Hadi Tizhoush Taban, the Head of the Iran-Russia Joint Chamber of Commerce, said that the
two countries increased the use of national currencies in trade by 60 per cent. In an exclusive
interview with IRNA, Hadi Tizhoush Taban lauded the increase in the use of the Russian ruble
and the Iranian rial in mutual settlements between Russia and Iran.

Hadi Tizhoush Taban said that Russia was sanctioned by Western countries because of the war
in Ukraine. He said that Iran was also sanctioned by Western countries, which resulted in an
interest in cooperation between the two countries and increased trade between Russia and Iran.

The United States imposed sanctions on Russia and Iran over their alleged involvement in war in Ukraine.

When Iranian President Ebrahim Raisi visited Russia, both nations agreed to increase the volume of trade exchanges to $10 billion. The Governor of the Central Bank of Iran (CBI), Mohammad-Reza Farzin, and the head of the Economic Commission of the Iranian Parliament also visited Russia to expand economic relations between the two countries.

Also Read: US Prosecutors have a tape of Trump discussing a classified Iran file

Hadi Tizhoush Taban revealed that the CBI Governor met with the deputy prime minister of
Russia, Viktoria Abramchenko. They agreed to further develop monetary and banking
cooperation between the two countries. Hadi Tizhoush Taban also noted that Russia has become the largest foreign investor in Iran.

Reportedly, Russia invested $2.7 billion in two Iranian oil projects.

In November last year, Nikolai Patrushev, the secretary of the Security Council of Russia, met
with the Iranian President to discuss bilateral relations between the two countries. Later on,
Tehran and Moscow agreed to upgrade relations.