Iran and Russia Will Drop the Dollar in Bilateral Trade-Peskov

"Last year, trade and economic relations between the two countries exceeded $4 billion. Although, it may be a mistake to count them in U.S. dollars. Over time, we will probably move away from this practice as we develop our interaction in the banking and financial spheres," Kremlin spokesman Dmitry Peskov said. 

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In an interview with the Foreign Service of the Iranian Broadcasting Organization (IRIB), the spokesman viewed as positive the 31 percent increase in the volume of trade between the two countries in the first quarter of the current year.

According to Peskov, Russia and Iran could soon reach a long-term comprehensive strategic cooperation agreement to boost their ties and help ease the impact of Western sanctions. 

Russian Foreign Minister Sergey Lavrov handed over the draft comprehensive strategic cooperation agreement to the Iranian authorities during his June visit to Tehran, Peskov said, noting that Russia is set to sign it once Iran introduces its amendments.

On the sanctions imposed by the West against both nations, the Russian diplomat said, "This is probably the price that both our country and Iran are paying for their independence and for their sovereignty."  

Peskov also referred to Russian President Vladimir Putin's visit to Iran, scheduled for next Tuesday. The Russian diplomat will attend a trilateral meeting with Iranian President Seyed Ebrahim Raisi and Türkish President Recep Tayyip Erdogan. 

Under tough Western sanctions, Russia and Iran have long voiced their resolve to deepen bilateral economic cooperation. The two countries have effectively moved away from the dollar and switched to their national currencies.