SAEDNEWS: National currencies are being used in more than 96% of mutual payments between Russia and Iran, according to Kremlin.
According to SAEDNEWS, The Kremlin has announced that over 96% of the payments made between Russia and Iran are now done using their national currencies. This major change comes as the two countries prepare for a meeting between their presidents during the BRICS Summit in Kazan.
The Kremlin's press service stated that both nations are focusing on strengthening their trade and economic connections. Despite a slight decrease in trade activity this year, the total trade between Russia and Iran has reached over $4 billion, showing a growth of 12.4% from January to August of this year.
In addition to improving financial transactions, Russia and Iran are collaborating on several significant projects, especially in the transport and energy sectors. One key initiative is the development of the North-South international transport corridor, which aims to enhance connectivity between the two nations.
Overall, the Kremlin highlighted that the relationship between Russia and Iran is stronger than ever, with a clear move towards using their own currencies in trade.
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