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Iran hosts Russian businesses for expansion of bilateral trade

Yusef Jalali
Press TV, Tehran

Iran and Russia are taking their trade ties to the next level. Some 100 companies from Russia are in Tehran to network with Iranian businesses and find areas of cooperation in a range of fields, from food to oil and gas and the automotive industry.

Tehran and Moscow’s interests coincide on many fronts. Both are faced with US sanctions and both are signatories to the 2015 deal, which has faced troubles following the US withdrawal from the pact in 2018 and the reinstatement of sanctions on Iran. While the sanctions have adversely affected Iran and Russia’s foreign trade, businessmen here believe there’s a strong will from both Tehran and Moscow to overcome the US measures.

However, some other Iranian businesses try to play it safe with Russian companies.

This event came on the heels of the Iranian president’s meeting with his Russian counterpart on the sidelines of the Shanghai Cooperation Organization summit in Uzbekistan, where the two sides vowed to further develop bilateral trade.

Last year Tehran and Moscow traded some four billion US dollars’ worth of commodities. The two sides are set to increase this figure beyond 15 billion in the coming years.

Tehran and Moscow are already strategic partners, not only in politics, but also in trade and security. But it seems that the two sides are poised to expand their ties at all levels, believing that closer engagement will open a back door for them to neutralize US sanctions.

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