Iran’s Oil Minister Bijan Namdar Zanganeh says Iran and Russia have agreed to do their transactions in their own currencies.
According to IRNA, he said in talks with Russian Energy Minister Alexander Novak, the two sides agreed to conduct their banking transactions in rial and ruble.
Speaking in conclusion of the 11th Meeting of Iran-Russia Permanent Commission on Trade and Economic Cooperation, Zanganeh said: ‘We owe the agreements reached during the meeting to the wise policies of the Russian and Iranian presidents.’
Zanganeh said the upcoming visit of Iranian and Russian presidents during the Shanghai Summit in Dushanbe will mark a turning point in relations between the two countries.
He also said Iran was ready to supply agricultural products, consumer goods and engineering services to Russia.