Iran and Russia conduct 80% of their trade in local currencies

More than 80 per cent of trade between Iran and Russia is now conducted using the rial and the rouble, signalling a major step toward closer bilateral cooperation, according to Leonid Lozhechko, Chairman of the Russian-Iranian Business Council. This is reported by Mehr News Agency, a partner of TV BRICS.

Speaking at a joint meeting of Iranian and Russian economic representatives, Lozhechko emphasised that the two nations are advancing their partnership strategically, with a focus on technology, communications, medicine, and cybersecurity. He underscored the importance of expanding trade and investment and streamlining regulations within the Eurasian Economic Union framework.

Currently, agricultural products make up about 60 per cent of overall trade between the two countries. Russia’s main exports to Iran include grains, timber, oilseeds, chemicals, aluminium, coal, and steel, while Iran exports energy products, spare parts, ceramics, cement, and agricultural goods.

Leonid Lozhechko concluded that continued dialogue and regulatory alignment will unlock the full potential of Iran–Russia trade, promoting sustainable growth and a financial partnership.

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