Iran-Russia Trade Settled in Both Countries' National Currencies

While Iranian traders face difficulties transferring funds with trade partners in various countries, this problem has been partly resolved in trade with Russia.

While Iranian businessmen are facing problems for financial transfers with business partners in different countries, this problem has been solved to some extent in trade with Russia.

According to the report of Ambassador Arjan, Mohammad Ali Dehghan Dehnavi, head of the Trade Development Organization, said today at the press conference of the National Export Day: In Iran's negotiations with the Eurasian Economic Union, especially Russia, removing non-tariff barriers and facilitating currency transfers is a priority. In the case of Iran's trade with Russia, a relationship has been established with the national currency.

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Despite the signing of monetary agreements and repeated agreements with Iran's trading partners for commercial settlement with Rials and the currency of the export destination country, the exchanges between the two countries are still facing serious bumps. The severe imbalance of the trade balance, the lack of a stable mechanism to cover the risk of currency fluctuations, and the absence of a common settlement institution, have caused Iranian exporters to continue delaying the conversion of their claims.

Dehghan Dehnavi added: However, the main challenge is due to sanctions considerations and the conservatism of Russian financial institutions in operational cooperation. Despite these caveats, the terms of financial transactions with Russia are far more favorable than with other trading partners, and the existing concerns are not an obstacle to the development of trade.