Bartering deals to effectively lower impact of sanctions: Official
The chairman of the Iran-Russia Joint Chamber of Commerce said bartering deals are a solution for weakening the impact of sanctions and developing Iran’s economic relations with other countries of the world.
Bartering is a trade mechanism that can affect the development of Iran’s trade relations with other countries, and this issue can play a leading role in weakening the impact of sanctions imposed by the US government against Iran, Hadi Tizhoush Taban stated, according to Tasnim news agency.
In the bartering system, suitable grounds are provided for the two sides to exchange products and services reciprocally with no need for currency transfer, he highlighted.
Bartering trade with other countries can cover a part of Iran’s foreign exchange, and this can be very effective in weakening the impact of US sanctions imposed against the country, Tizhoush Taban added.
He emphasized that bartering is an operational solution for doing business with countries that are facing a shortage of currency resources and noted that this method is used at a time of crisis, especially in an economic recession, high inflation rate, and/or when the national currency is depreciated.