Iran calls for trade transactions with Russia using national currencies
Baku, Azerbaijan, Nov. 11
By Umid Niayesh- Trend:
Iran's Minister of Communication and IT, Mahmoud Vaezi, who is in Moscow for the 12th meeting of the Iran-Russia joint economic commission, has called for trade to be paid for using national currencies.
He made his remarks during a meeting with Elvira Nabiullina, head of Russia's central bank, on Nov. 11, Iran's Fars news agency reported.
The meeting sought to develop mutual banking cooperation, as well as the removal of possible obstacles.
Vaezi underlined that boosting banking cooperation will prepare the grounds for more Tehran-Moscow cooperation.
He also called for setting up brokerage relations between the two countries once the sanctions on Iran are lifted.
The Russian official welcomed the boosting of mutual ties, expressing her readiness for more cooperation with the Iranians.
During Vaezi's visit to Moscow several key issues, including Russia's plans to open a $5 billion credit line for Iran, the idea of establishing a joint bank and Iran's membership in the Eurasian Development Bank, will be negotiated.
Moscow has additionally indicated it will allow Iran into the Eurasian economic, political and military bloc, the Shanghai Cooperation Organization (SCO), after sanctions are lifted on Tehran.
The two countries are also working to create a joint bank and carry out their transactions in national currencies.
Further, Iran is interested in joining the Eurasian Development Bank (EDB), founded in 2006 by intergovernmental agreements between Russia and Kazakhstan.
The Iranian minister is heading a delegation of 70 traders, including representatives of leading state and private organizations.
Vazei and Russian Energy Minister Alexander Novak will chair the joint economic commission meeting to discuss "comprehensive packages for expansion of ties in various fields and make necessary decisions."
During the two-day meeting, Vaezi is also scheduled to meet with senior Russian officials, including the deputy prime minister and agriculture minister.
The visit follows Novak's trip to Tehran last month, with a large delegation of representatives from 50 Russian companies.
Before it plunged to $2 billion, Iranian-Russian trade turnover was $4 billion in 2013.
Earlier, Novak said that Iran and Russia intends to invest $35-40 billion in joint medium-term projects.