Agricultural delegations from Russia and Iran have once again discussed the possibility of using their national currencies to conduct trade transactions. The Russian news agency Ria Novosti reported on Monday December 22 that the delegates will examine the potential benefits of doing so.
In September, Alexander Novak, Russia’s energy minister, and Bijan Namdar, his Iranian counterpart, met to discuss the use of the ruble and the rial in bilateral transactions.
Both Iran and Russia face widespread sanctions by the West that significantly restrict their financial transactions on the international market.
The Russian and Iranian agricultural delegations have agreed to significantly increase bilateral trade involving the provision and distribution of food products.
Both Iran and Russia are facing a rapid decline in the value of their national currencies.