Russian Economy Minister Alexei Ulyukayev says Moscow plans to sign contracts with Iran to start delivering grain and industrial products to Tehran in return for oil.
“This question was raised. It will affect not only grain, there are broad lists of goods,” Ulyukayev told reporters in Tehran on Sunday, referring to his meeting earlier in the day with his Iranian counterpart, Ali Tayyebnia.
He hoped a deal could be reached in this regard in the near future, adding that the central banks of Russia and Iran are working on ways to start making payments in the two countries’ national currencies and preparatory work has already begun to achieve this goal.
“Mechanisms of using national currencies in mutual relations [between Russia and Iran]…that involve lending in national currencies and using contracts in national currencies should be established,” Ulyukayev said.
The Russian official noted that Russia’s Ministry of Economic Development supports the idea of mutual payments in national currencies, but the two countries have not held discussions about time frames yet.
During their meeting, Ulyukayev and Tayyeb-Nia discussed ways to improve trade ties between Tehran and Moscow.
The US and EU have imposed an array of embargoes on Russian individuals and businesses over the crisis in Ukraine. They accuse Moscow of supporting anti-Kiev protesters in eastern and southern Ukraine. Russia denies the allegation.
The US and its European allies have also imposed sanctions against Iran over Tehran’s civilian nuclear activities.