National Currencies Drive Over 60% of Iran-Russia Trade Transactions

Hadi Tizhoush Taban, chief of the Iran-Russia Joint Chamber of Commerce, announced that more than 60% of trade payments between Iran and Russia are conducted in their national currencies. This development highlights the countries’ successful effort to connect their payment systems—Russia’s Mir and Iran’s Shetab—and lessen their reliance on the US dollar.

On January 29, a significant step towards de-dollarizing bilateral trade was taken with the contract to link Iran’s electronic financial messaging system SEPAM and the Financial Messaging System of the Bank of Russia, known as SPFS. Tizhoush Taban remarked that this move facilitates bypassing Western sanctions and boosting bilateral trade. Currently, according to official figures, over 40% of Iran-Russia trade transactions use the Russian ruble.

According to Tizhoush Taban, Russia has become Iran’s largest foreign investor, having invested $2.7 billion in two Iranian oil projects—45% of all foreign funds received by Iran from October 2021 to January 2023. These investments span energy, railway construction, car production, and agriculture sectors, reflecting the broad range of Russian-funded projects in Iran.