Trade between Russia, Iran rises by 30 percent in first 9 months


(MENAFN) The Vice President of VTB Bank, the second-largest bank in the Russian Federation with a branch in Tehran, has announced a substantial 30 percent surge in trade exchanges between Russia and Iran during the initial nine months of the current year. Olga Basha shared this information in an exclusive interview in Moscow with an Iranian news outlet.

In the interview, Basha highlighted the remarkable growth in bilateral trade between the two nations, emphasizing that the figures more than doubled from 2020 to 2022. Specifically, the trade volume soared from USD 2.22 billion in 2020 to a noteworthy USD 4.6 billion in 2022.

Addressing the utilization of national currencies in settling trade transactions, Basha pointed out that with the 30 percent increase in mutual trade, there has been a notable uptick in the adoption of the Russian ruble and Iranian rial in the financial exchanges facilitating the foreign trade activities between the two countries.

In alignment with the shared commitment to further enhance trade interactions, a recent video conference meeting between the deputy transport ministers of Iran and Russia explored avenues to boost annual transit through Iran to an ambitious target of 10 million tons. This signifies a concerted effort to deepen economic ties and increase the efficiency of transit routes between the two nations.

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