News ID: 318474
Published: 0351 GMT December 04, 2021

Iran-Russia payment clearing mechanism starts work

Iran-Russia payment clearing mechanism starts work

Chairman of Russian-Iranian Business Council Vladimir Obydenov announced on Saturday that a payment clearing mechanism between his country and Iran has been launched.

The clearing mechanism with national currencies are used by the two countries’ employers, Obydenov told IRNA.

Elaborating on the work of the mechanism, the official said that an Iranian buyer purchases Russian products via the rial and a Russian buyer purchases Iranian products through the ruble.

Until now, the two sides have exchanged $10 million by using this mechanism, Obydenov added.

The Russian official described such a mechanism as vary important during the time of sanctions imposed by the United States.

Furthermore, he said Iranian businesspersons’ unawareness of the existence of the mechanism is the main obstacle to its development.

Obydenov announced that despite the problems, Moscow-Tehran trade has increased significantly as Iran’s exports to Russia have surpassed $1 billion this Iranian year for the first time.

Although the current level of Russia-Iran economic exchanges are not equal to the level of their political relations, the two countries’ ties are continuous and stable, he added.



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