Trade between Russia and Iran amounted to about $1.4 billion in the first 10 months of 2018, showing a 6.8-percent increase on a year-on-year basis, the Russian Federal Customs Service announced Friday.
Official figures showed Iran had a trade surplus of $2 billion over a period of eight months starting March 21, 2018 in what could be an indication that the country’s economy is still doing well in face of US sanctions.
Oil prices jumped by more than 5 percent on Monday after the United States and China agreed to a 90-day truce in a trade dispute, and ahead of a meeting this week of the producer club OPEC that is expected to cut supply.
Turkish traders, businessmen and economic officials have, in their statements, announced that they do not approve of unilateral US sanctions against Iran and will not abide by them, said the secretary general of Iran-Turkey Joint Chamber of Commerce.
Russia’s President Vladimir Putin endorsed a much-awaited agreement for the establishment of a free trade zone between Iran and the Eurasian Economic Union (EEU) thus facilitating the process for the Islamic Republic to join the Moscow-led regional economic bloc.
Turkish President Recep Tayyip Erdogan has called for a wider use of national currencies in mutual trade with other countries as a necessary step to move away from the dollar and accordingly dodge US pressures.