The share of national currencies in commercial transactions between Russia and Iran has increased to 90 percent, according to the head of Russia’s Federation Council Committee on the Budget and Financial Markets.
Speaking at a meeting with the head members of the Iranian Parliament’s Planning, Budget and Research Committee in Moscow on Tuesday, Anatoly Artamonov said the two countries settle their mutual payments using national currencies.
The use of national currencies in bilateral trade is the result of an agreement between the governors of the central banks of Iran and Russia in the wake of the determination of the leaders of the two countries, he said.
The Russian senator added that a secure channel for the exchange of financial information between the two countries has also been established.
Tehran and Moscow have been increasingly moving away from the US dollar, using their national currencies – Iran's rial and Russia's ruble – to conduct mutual settlements.