Dollar not yet removed from Iran-Russia trade
Baku, Azerbaijan, Oct.19
By Fatih Karimov - Trend:
Dollar has not been yet removed from Iran-Russia trade, Tehran chamber of commerce chairman Yahya Al-e Eshaq stated.
Commercial transactions are being carried out via traditional exchange markets, Iran's ISNA news agency quoted Al-e Eshaq as saying on October 19.
Asadollah Asgaroladi, an Iranian business magnate and head of the Iran-Russia Joint Chamber of Commerce, said September 30 that Russia and Iran plan on replacing the U.S. dollar with their national currencies for the settlement of bilateral trade transactions, Iran's IRNA news agency reported.
He added that use of national currencies would spur economic collaboration between the two countries.
On September 9, Iranian Oil Minister Bijan Namdar Zanganeh said that the value of bilateral trade between the Islamic Republic of Iran and Russia can rise more than tenfold.
Bilateral trade amounted to $1.5 billion, which has the capacity to be increased to more than 10 times through efforts made so far, IRNA quoted Zangeneh as saying.