Envoy: 87% of Iran-Russia trade exempt from tariffs
Iran’s Ambassador to Russia, Kazem Jalali, said on Wednesday that 87% of trade between the two countries is exempt from bilateral tariffs, urging Iranian provinces, particularly the three Khorasan provinces in northeastern Iran, to take advantage of the opportunity.
Jalali told reporters on the sidelines of the second Provincial Diplomacy Meeting in Mashhad that trade between Iran and Russia was growing rapidly.
“Trade between the two countries amounted to $650 million in 2023, the figure climbed to $1.8 billion last year,” he said, according to IRNA, predicting that bilateral trade could reach $3 billion by the end of 2025 if the current growth continues.
According to the Trade Promotion Organization of Iran, the country’s trade with Russia during the first five months of the current Iranian year, which began on March 21, has been on a sharp upward trajectory, with exports approaching the $1 billion mark — a year-on-year increase of more than 30%.
Also, in another sign of growing economic and trade cooperation, banks in Russia have started processing letters of credit (LC) issued by Iranian banks.