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Major rise in Iran’s imports from Russia

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A recent report announced that the value of Iran’s imports from Russia in March stood at $132 million. It said the figure marked a significant rise compared to the same period last year. This came as a surprise given that the overall volume of Iran’s import/export trade with Russia had seen a decline in February.

The report further emphasized that Iran’s trade with Russia had decreased by above 20 percent over the past year. Nevertheless, it added, the significant rise in Iran’s imports from Russia in March shows that trade between the two countries is progressing.

Russia’s Central Bank said in January that the removal of sanctions against Iran could enhance bilateral cooperation in different areas, adding that a number of areas, including energy, agriculture and the military could experience an expansion in trade with the Islamic Republic.

A self-declared embargo by Russia on imports from Turkey has already provided an opportunity for Iran to increase food exports to its northern neighbor.