Russia and Iran now use their national currencies in over 96% of mutual settlements, as reported by the Kremlin press service ahead of the presidents' meeting at the BRICS summit in Kazan.
According to Report, this move comes amidst a 12.4% surge in bilateral trade volume for the first eight months of 2024.
The leadership of both countries has prioritized the development of trade and economic relations, the press service said, adding that despite a slight decline, the volume of mutual trade in 2023 exceeded $4 billion.
It further noted that Russia and Iran are also collaborating on several major joint projects in the transportation and energy sectors. This cooperation is expected to further bolster economic ties and contribute to the countries' strategic partnership.