Iran-Russia currency agreement to provide new impetus for bilateral trade and model for BRICS

Ilyas Zaripov, Associate Professor of the Department of Global Financial Markets and Fintech, Plekhanov Russian University of Economics, believes that the currency agreement between Iran and Russia will be a powerful impetus for the development of bilateral trade and can serve as a model for other BRICS member countries.

In an interview with IRNA, a partner of TV BRICS, he said the agreement will not only strengthen relations between the two countries but also create protection for payment and settlement systems against sanctions.

Zaripov believes the agreement will benefit citizens of both countries by simplifying payments and making goods and services more accessible.

"Iranians will be able to withdraw rubles from their cards in Russia, and Russians will be able to get reals from cards issued by Russian banks. This will boost mutual tourist flows, business contacts, and create a base for joint investment projects," he said.

Zaripov also believes that the agreement will lead to normalisation of trade and stabilisation of prices. He emphasised that the agreement will also contribute to the development of stock markets in both countries, providing opportunities for investment and attracting resources from Iran's financial markets for Russian investors.

The associate professor believes that the Iran-Russia currency agreement is a successful experience for other countries, especially BRICS member states. He believes that the agreement can become a model for the integration of banking systems within BRICS.

"If it is possible to create such a system for Iran and Russia, it is possible to apply it within the BRICS countries. Probably we should start with bilateral agreements between the BRICS member countries and, in parallel, conduct the process of harmonisation and gradual implementation of such a payment system," he said.

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