Tehran, Moscow to boost trade, economic cooperation
By Sara Rajabova
Tehran and Moscow have considerably expanded talks on development of trade and economic relations.
This comes as the Western countries have imposed sanctions on Russia over the Ukraine events.
Along with Russia's neighbors and some regional countries, Iran has also strived to increase its presence in Russia's market.
Iran and Russia, both hit by western sanctions, are considering ways of opening a new chapter in their trade relations, with experts saying the new measures could break the domination of Western currencies over bilateral exchanges.
The Chamber of Commerce of the Russian Federation has recently held a meeting on the development of trade and economic cooperation between Moscow and Tehran, Press TV reported.
Facilitating commercial exchanges between Iran and Russia's private sectors, providing more facilities for Iranian companies to invest in Russia and the development of bilateral trade ties were on agenda of the meeting.
Russian businessman, Oleg Nefedov said the main problem is providing some financial reserves to increase money circulating. "It's a problem for everyone; the problem for Iranian companies as well as for Russians."
"We are well aware that Iran is a country with a great future and now it is necessary or rather it was necessary yesterday to save a place there. This is something to work on," Victor Melnikov, from Russia-Iran Business Council, said.
Iran and Russia are also planning to establish a joint bank as part of efforts to multiply bilateral trade and bypass sanctions on Islamic country's banking sector.
Head of the Iran-Russia Joint Chamber of Commerce Asadollah Asgaroladi said earlier since Russian banks fear the implications of working with Iran due to sanctions, Tehran wants to establish the joint Iran-Russia bank with the help of countries' central banks and private sectors.
He said such a bank would be able to exchange money between the two sides using rials and rubles and put aside dollars, euros and pounds.
The U.S.-led sanctions imposed on Iran's banking sector over Tehran's nuclear energy program and the recent Western bans against Russia over Ukraine have prompted the two countries' trade officials to boost economic cooperation.
In September, Iran and Russia agreed to use their national currencies in bilateral trade.
The volume of bilateral trade between the two countries in 2013 amounted to $1.5 billion. Iran's oil minister said earlier the trade turnover between the two countries has the capacity to be increased to more than 10 times through efforts.