Tehran, Moscow willing to enhance bilateral trade: envoy
2/26/2013 8:59:04 AM
He added that his country will make effort to replace the U.S. dollar with the Russian ruble in a bid to facilitate the two-way trade, IRNA reported on Monday.
On February 12, Iran and Russia signed two deals for boosting bilateral trade in Moscow.
Iranian Foreign Minister Ali Akbar Salehi and Russian Energy Minister Alexander Novak attended the signing ceremony, which was held at the end of the 10th annual meeting of the Russian-Iranian Business Council (RIBC), IRIB reported.
In June 2012, Iranian Industry, Mines and Trade Minister Mehdi Ghazanfari said that annual trade between Iran and Russia is currently around $4 billion, but the two countries have the potential to raise it to $8 billion.
In January 2012, Iran and Russia started using the rial and the ruble in their trade exchanges and dropped the U.S. dollar.
“(Trade) is based on our national currencies,” the Iranian ambassador to Russia said at the time.
"We started this work long ago. Iranian businessmen are buying products in Russia and are using the ruble… The U.S. dollar has no support base,” Ambassador Mahmoud-Reza Sajjadi added.