TEHRAN, Iran, July 13. Iran and Russia will substitute the ruble and rial for their transactions in the near future, said the head of Iranian Parliament Economic Commission Mohammadreza Pourebrahimi, Trend report citing IRNA.
"Central banks of Russia and Iran have agreed to remove US dollar from transactions and to start banking and economic ties based on their national currencies," he said referring to the recent meeting between the officials of the two countries in Moscow.
Iran and Russia's trade volume has increased to more than $4 billion in the past nine months. The trade between the two countries is predicted to increase 50 percent in a short term.
He went on to say that Iran has the potential to export agricultural products and technical services to Russia.
According to the official, Iran can transit Russia's export to the Persian Gulf countries via the International North-South Transportation Corridor (INSTC) and increase its revenues.