May 02, 2016 16:13 UTC
  • Major rise in Iran’s imports from Russia

Media on Monday reported a major rise of above 400 percent in imports by Iran from Russia in March.

ISNA news agency in a report announced that the value of Iran’s imports from Russia in March stood at $132 million. It said the figure marked a significant rise compared to the same period last year.

This, ISNA said, also came as a surprise given that the overall volume of Iran’s trade with Russia had seen a decline in February.

The report further emphasized that Iran’s trade with Russia had decreased by above 20 percent over the past Persian calendar year (March 2015-2016).

Nevertheless, it added, the significant rise in Iran’s imports from Russia in March shows that trade between the two countries is already progressing.

Russia’s Central Bank said in January that the removal of sanctions against Iran can enhance bilateral cooperation in different areas, adding that a number of areas, including energy, agriculture and the military could experience an expansion in trade with the Islamic Republic.

A self-declared embargo by Russia on imports from Turkey has already provided an opportunity for Iran to increase food exports to its northern neighbor.

Figures released last week showed that supplies from Iran totaled 0.7% of Russia’s total agricultural and food imports in 2015 or $194.3 million.

The two countries have also taken a series of measures to facilitate their trade. One key step that was made public in December 2016 is an agreement between the two to switch to their national currencies instead of the dollar.