Russia, Iran Eye Major Trade Expansion

Trade turnover between Russia and Iran currently stands at around $5 billion per year, a level several times below its potential, and is expected to increase significantly in the coming years, Leonid Slutsky, chairman of the International Affairs Committee of the Russian State Duma and leader of the LDPR, said

Speaking at a meeting with Iranian Foreign Minister Abbas Araghchi, Slutsky noted, “Today, trade turnover is several times lower than it could be, around $5 billion. I believe it should increase significantly in the coming years,” The Caspian Post reports, citing TASS.

Russia and Iran actively cooperate through the Shanghai Cooperation Organization (SCO) and BRICS, as well as through the Iranian delegation to the Eurasian Economic Union (EAEU), Slutsky said, adding that this, among other things, contributes to the growth of Russian-Iranian economic cooperation.

"In fact, over the past year you have been involved in three leading integration blocs at once, in which Russia is one of the initiators and an active member," he noted.