Iran and Russia have signed an agreement to trade in their national currencies instead of the US dollar, Reuters reported on Wednesday, citing Iranian state media, UNN reported.
Details
The agreement was finalized during a meeting of the heads of the two countries' central banks in Russia, the statement said.
Both Iran and Russia are under US sanctions.
"Banks and economic entities can now use infrastructure, including non-SWIFT interbank systems, for transactions in local currencies," state media reported.
AddendumAddendum
On December 25, members of the Russian-led Eurasian Economic Union (EAEU) signed a full-fledged free trade agreement with Iran.
According to the publication, Iran is becoming increasingly important to the Kremlin after Western sanctions over Russia's war against Ukraine restricted Russia's foreign trade routes and forced it to look for markets outside Europe.
Iranian authorities have stated that military cooperation with Russia is expanding. In November, Iran announced that it had finalized agreements with Russia to supply it with Su-35 fighter jets, Mi-28 attack helicopters, and Yak-130 pilot training aircraft.