Iran, Russia to open new chapter in trade ties

An Iranian cargo ship (file photo)

Iran and Russia are considering possibilities of opening a new chapter in their trade relations, with experts saying the new measures could break the domination of Western currencies over bilateral exchanges, Press TV reports.

The Chamber of Commerce of the Russian Federation has recently held a meeting on the development of trade and economic cooperation between Moscow and Tehran.

Facilitating commercial exchanges between private sectors of Iran and Russia, providing more facilities for Iranian companies to invest in Russia and the development of bilateral trade ties were on agenda of the meeting.

“The main problem is financial reserves to increase money circulating. It’s a problem for everyone; the problem for Iranian companies as well as for Russian[s],” Oleg Nefedov, a Russian businessman, told Press TV correspondent on the sidelines of the meeting.

“We are well aware that Iran is a country with a great future and now it is necessary or rather it was necessary yesterday to save place there. This is something to work on,” Victor Melnikov, with Russia-Iran Business Council, said.

This comes as Iran and Russia are planning to establish a joint bank as an effort to multiply bilateral trade and bypass sanctions on the Islamic Republic’s banking sector.

“Since Russian banks fear the implications of working with Iran due to sanctions, we want to establish the joint Iran-Russia bank with the help of our central banks and private sectors,” Head of the Iran-Russia Joint Chamber of Commerce Asadollah Asgaroladi said earlier this month.

“Such a bank would be able to exchange money between the two sides using rials and rubles and put aside dollars, euros and pounds,” he added.

Unilateral US-led sanctions imposed on Iran’s banking sector over Tehran’s nuclear energy program and the recent Western bans against Russia over Ukraine have prompted the two countries’ trade officials to boost economic cooperation.

In September, Iran and Russia agreed to use their national currencies in bilateral trade.

By Press TV


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