National currencies are being used in more than 96% of mutual payments between Russia and Iran, the Kremlin’s press service said on the verge of the meeting between presidents of the two countries to be held on the sidelines of the BRICS Summit in Kazan.
“The leadership of both countries pay the most attention to development of trade and economic ties. Growth of mutual trade in 2023, despite a certain decline, totaled over $4 billion. We record growth by 12.4% as of the end of January - August. The share of national currencies in mutual payments is over 96%,” the press service said, Mehr News Agency reported.
Russia and Iran are implementing several large-scale mutual projects in the realm of transport and energy, the Kremlin said.
The International North–South Transport Corridor (INSTC) project is developing and Russian-Iranian relations are on the rise, the press service added.