Saturday, April 20, 2024

‘Iran can secure good share of Russian market’

The deputy chairman of the Non-Oil Export Commission of the Iranian Chamber of Commerce says Russia will facilitate exports from Iran due to the war in Ukraine and Western sanctions.

Seyed Mostafa Mousavi said the current situation in Russia will provide Iran with adequate market capacity.

“With the closure of the European route and Western sanctions against Moscow, the Russian market needs a substitute for imports,” he said.

Mousavi also said China is one of the countries that can replace Europe in this regard, but Iran has more advantages to increase trade with Russia due to its proximity to the country.

He added that the current situation shows that Iran can secure a good share of the Russian market and export many goods to this country, and this potential exists in Iran to develop trade.

He however noted that Iran’s biggest challenge in developing trade with Russia is currency issues and that the restrictions created by the cutting of banking ties and the closure of the SWIFT could cause many problems for this country.

Mousavi said in the long run, Russia’s currency restrictions will cause many problems and banking exchanges should be done traditionally, so proper planning is required to develop trade with this country.

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