Tehran, Iran, June 17
By Mehdi Sepahvand – Trend:
Iran has proposed a set of procedures to Russia for doing bilateral business in national currencies.
Central Bank of Iran’s International Relations Director Hossein Yaqubi said Tehran and Moscow are likely to reach an agreement soon to use their national currencies in bilateral business, Mehr news agency reported June 17.
Russia has recently started efforts to reach agreements with the Chinese and Iranians to reduce their dependence on the US dollar.
Yaqubi said Russia is currently considering Iran’s proposal and will soon give an answer.
According to a set of US-imposed sanctions, no country can use the USD in business transactions with Iran.
This has isolated Iran from international market, with Tehran resorting to alternative ways to get back to the international business.
Iran's imports from Russia recorded a huge rise by 494 percent year during first two months of current fiscal year, started on March 21, according to the latest statistics released by Trade Promotion Organization of Iran (TPOI).
