Dec 4, 2021, 10:58 AM
Journalist ID: 2379
News Code: 84564660
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Iran-Russia payment clearing mechanism starts work

Moscow, IRNA – Chairman of Russian-Iranian Business Council (RIDS) Vladimir Obydenov announced on Saturday that payment clearing mechanism between his country and Iran has been launched.

The clearing mechanism with national currencies are used by the two countries' employers, Obydenov told IRNA.

Elaborating on the work of the mechanism, the official said that an Iranian buyer purchases Russian products via rial and a Russian buyer purchases Iranian products through ruble.

Till now, the two have exchanged ten million dollars by using this mechanism, Obydenov added.

The Russian official described such a mechanism as so important during the time of the sanctions imposed by the United States.

Further, he said Iranian businesspersons' unawareness of existence of the mechanism is the main obstacle to its development.

At his remarks, Obydenov announced that despite the problems, Moscow-Tehran trade exchange has increased significantly as the value of Iran's exports to Russia has passed one billion dollars this year for the first time.

Although the current level of Russia-Iran economic exchange is not equal to the level of their political relations, the two countries' ties are continuous and stable, he added.

The prospect of Russia-Iran commercial cooperation is bright.

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