TEHRAN - A Russian official has announced that the number of Iranian companies attending business and trade exhibitions in Moscow has doubled during the first five months of 2023 compared to the same period last year.

According to Director General of Russia’s EXPOCENTRE Alexey Vyalkin, the increased presence of Iranian firms in Russia’s business fairs indicates a willingness to expand trade ties with the country, IRNA reported.

Vyalkin made the comments in a preparatory meeting ahead of the second edition of the Tehran- Eurasian Economic Union (EAEU) exhibition.

He underlined that Iran and Russia have exchanged some important trade delegations this year to upgrade the level of economic cooperation between the two countries.

Back in late January, Vyacheslav Volodin, the speaker of Russia’s State Duma, said that the share of the ruble and the rial in mutual settlements between Iran and Russia exceeds 60 percent.

As reported by Russia Today, making the remarks in a government meeting, Volodin said, “It is important to use settlements in national currencies more actively. Much has already been done in this regard – now the share of the ruble and the rial in mutual settlements exceeds 60 percent. The work on the joint application of national payment systems is being completed. This will minimize the impact of sanctions, but also, of course, address issues related to mutually beneficial cooperation,”

According to Volodin, both countries should now focus on boosting the efficiency of mutual cooperation in the financial and banking sectors, in particular, by increasing the use of national currencies in their trade exchanges, using the Russian ‘Mir’ and Iranian ‘Shetab’ payment systems.

The Russian official further announced that trade between Iran and Russia surged by 15 percent in 2022, reaching $4.6 billion.

Volodin noted that the two countries are actively taking steps to build up mutual trade, saying: “extremely important in the conditions of sanctions pressure on our countries.”

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Photo: Iranian Ambassador to Russia Kazem Jalali (R) and Director General of Russia’s EXPOCENTRE Alexey Vyalkin