Head of Trade Promotion Organization of Iran (TPO) Alireza Peymanpak has signaled Iran’s readiness to export food, including agricultural and dairy products, to Russia.
Peymanpak, who is on a visit to Moscow, made the remarks during a meeting with representatives of a major Russian chain store.
In another meeting with a Russian banking official, Peymanpak called for further banking cooperation between Tehran and Moscow. He also stressed the need for using local currencies in bilateral trade.
The Iran Currency Exchange (ICE) listed the ruble-rial trading pair in July, following a trip to Moscow by Central Bank of Iran Governor Ali Salehabadi earlier in the month.
The new arrangement means the two countries can now settle trading debts in each other’s currencies. The first trade took place on July 19, with a RUB3 million ($48,000) exchange. That also happened to be the day that Russia’s President Vladimir Putin arrived in Iran for talks with President Ebrahim Raeisi and Supreme Leader Ayatollah Seyyed Ali Khamenei.
Iranian media have reported that the new system could reduce the demand for dollars by $3 billion a year. Bilateral trade between Iran and Russia was worth $4 billion in 2021 and the two countries say they are hoping to ramp up bilateral trade to $8 billion in the short-term.