Tehran-Moscow trade witnesses 80% growth: Russia

Business Materials 13 December 2016 16:49 (UTC +04:00)

Baku, Azerbaijan, Dec. 13

By Khalid Kazimov – Trend:

Russian Energy Minister Alexander Novak says that volume of trade turnover between Iran and Russia has increased by 80 percent over the current year.

He said that the sides are making efforts to finalize an agreement on protection of investments, IRNA news agency reported Dec. 13.

He also called for restoring banking ties between Iran and Russia, saying that the volume of payments through the two countries’ banking systems has tripled over the current year.

Novak is in Tehran at the head of a large delegation seeking ways to expand bilateral ties between the two countries.

According to customs statistics, Iran-Russia annual trade plunged from $4 billion in 2011 to $1 billion in 2013 due to the sanctions on Iran, but rose to $1.7 billion in 2014. The figure increased by 30 percent in 2015, and during 9 months of 2016, the trade turnover between Iran and Russia increased by 70 percent year-on-year.