Iran Press/ Iran News: Hadi Tizhosh-Taban said Russia and Iran have started to eliminate the US dollar from bilateral trade by setting up a mutual settlement system using their national currencies.
Tizhosh-Taban added that the contract between the central banks of Russia and Iran, which was officially signed on January 29 to connect the interbank transfer systems, is very important, and with the approval of the Russian authorities, the ruble and rial in mutual settlements have exceeded 60%.
The head of the Iran-Russia Chamber of Commerce stated that this process not only circumvents Western sanctions but can also increase trade, which according to official statistics rubles now share more than 40% of trade between the two countries.According to Tizhosh-Taban, Russia has become the largest foreign investor in Iran and has invested 2.7 billion dollars in two Iranian oil projects, which is about 45% of the total foreign investment in Iran from October 2021 to January 2023.
224
Read More:
Russia plans to open representative office of Iranian Chamber of Commerce
Iran, Russia to boost economic-industrial cooperation
