Russia, Iran to expand use of national currencies in trade calculations

Russia and Iran will keep expanding the use of national currencies in foreign trade settlements.

The statement was made by the Russian Deputy Prime Minister Alexander Novak following a meeting of co-chairs of a session of a Russia-Iran bilateral intergovernmental commission, according to Interfax.

“One of the key topics of discussion was the financial and banking sector - the creation of conditions for mutual settlements and the processing of payments between legal entities and organisations. We agreed to switch to the use of national currencies as much as possible,” Novak said.

He also said that the connection to the Financial Message Transfer System (SPFS) of the Bank of Russia, and the use of the capabilities of the “Mir” and “Shetab” payment systems were on the agenda.

"In the forthcoming period, we are expecting delegations from the Central Bank and the Finance Ministry of Iran to work out final decisions in Moscow," Novak said.

In addition, the co-chairs of the intergovernmental commission discussed Iran's request for the supply of grain products, wheat and corn.

"We are ready to supply poultry meat," the deputy prime minister said.

“The essential direction is the banking cooperation by using national currencies and good decisions have been made on these issues,” added co-chairman of the commission from the Iranian side, Oil Minister Javad Owji.

The officials also discussed the allocation by Russia of the remaining part of the interstate credit line opened to Iran for a total of $5 billion.