Iran-Russia trade volume hits $1.8b

Speaking to ILNA, Hadi Tizhoosh-Taban denied reports that Russian banks are not even to trade with Iran on the Russian national currency, the rouble, adding that in any part of the world, every country is interested in settling its accounts with its own national currency and in Europe it is euro, in the U.S it is a dollar and in Russia, it is rouble which is the base for trade and this is a global law but it is only in Iran where the settlement should be in the dollar and even the national currency rial is not accepted.

He added that what is exported to Russia is paid in the rouble and it can be exchanged with rial but Iran’s Central Bank should activate the necessary infrastructures in cooperation with Russian banks and it will economic activists to take advantage of it.

He then said currently the trade volume between Iran and Russia is around $1.8b and Iran’s share of exports is between $500m to $600m.

Tizhoosh-Taban noted that most of Iran’s imports from Russia is wood and livestock feeding which are of the country’s major needs and Iran’s exports to Russia are dried fruits, vegetables, fruits, light industries, and the citrus.

He predicted the current trade between Iran and Russia to decline due to the forex disputes, adding that the earned forex from exports should be repatriated to the country but the Central Bank should prepare the infrastructures in a way that economic activists would not suffer losses.

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