News ID: 234552
Published: 0319 GMT November 20, 2018

Iran-Russia trade up over 28%

Iran-Russia trade up over 28%

Trade volume between Iran and Russia, during the first six months of 2018 hit $945 million, indicating a 28.3 percent increase compared to the same period last year, announced Federal Customs Service of Russia.

Iran exported $315.9 million of commodities to Russia in the same period, which shows a 38.71-percent rise, IRNA reported.

Foodstuff and agricultural raw materials constituted 77.37 percent of the Iranian goods destined to Russia while 11.6 percent of the Russia’s imports from Iran were metals and metal structures.

Chemical products and machineries were also among the other major Iranian commodities exported to Russia.

On November 8, Russia said it may launch settlements with Iran in national currencies in order to continue bilateral cooperation despite the US sanctions against the Islamic Republic.

The announcement was made by Russia’s Energy Minister Alexander Novak who said Moscow was moving ahead with the plan because it did not recognize the US sanctions against Iran.

"We do not recognize [the US sanctions against Iran], which were introduced unilaterally without the approval of the United Nations Security Council. We will continue seeking mechanisms for cooperation, and one of them is the settlements for supplied goods in national currencies," Novak was quoted as saying by Russia’s TASS news agency.

He further emphasized that settling payments with Iran in national currencies would enable Moscow to develop cooperation with Tehran.

"This is not a new situation for us when sanctions are introduced against Iran. Until 2015, when they were lifted, we had cooperated with Iran and developed trade and economic cooperation," Novak stressed.

   
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