Russia-Iran trade expanding – Putin

Sep 15, 2022 | BUSINESS

Economic cooperation between the two nations has been growing amid Western sanctions

Russian President Vladimir Putin announced on Thursday that the volume of trade between Moscow and Tehran had grown 81% in annual terms last year and by another 30% from January to May of this year.

Putin, who held talks with Iranian President Ebrahim Raisi at the Shanghai Cooperation Organization (SCO) meeting in Samarkand, Uzbekistan, said that “relations between Russia and Iran are developing along all the vectors that have been formed for many previous years.” He added that about 80 representatives of Russian companies will go to Iran next week on a business mission.

Cooperation between the two countries started rapidly expanding amid the Western sanctions against Moscow. Since the start of the year, they have reached a number of agreements, including for barter supplies of Iranian turbines, spare parts, and aircraft equipment, and also for the joint construction of gas pipelines and field development, as well as for visa-free travel for tourist groups from Russia.

Russia’s exports to Iran in 2021 totaled $3.07 billion, while imports from the country amounted to $972 million, according to the Russian Federal Customs Service.

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