The two countries are subject to US sanctions
Russia and Iran have reached an agreement
They will use their own currencies in trade
Iran and Russia have reached an agreement, according to which they will use in their trade instead of the dollar their own currencies, Iranian state media reported today.
The deal, they said, was concluded during a meeting between the governors of the two countries' central banks in Russia.
Both Iran and Russia are subject to US sanctions.
“Banks and financial institutions can now use infrastructure including non-SWIFT interbank systems to transact in domestic currencies. ,” state media reported.
Members of the Russia-led Eurasian Economic Union (EEU) signed a comprehensive free trade agreement with Iran on December 25.
The Iran has become extremely important to the Kremlin after Western sanctions imposed over Moscow's war in Ukraine have restricted Russia's trade routes abroad and forced it to seek markets outside Europe.
The Iranian authorities have stated that military cooperation with Russia is expanding. Iran had said in November that it had finalized arrangements for Russia to supply it with Su-35 fighter jets, Mi-28 attack helicopters and Yak-130 trainer aircraft.