Iran, Russia to establish trade centers

Iran, Russia to establish trade centers

Iran and Russia signed a memorandum of understanding today concerning the establishment of mutual trade centers. 

One center will be located in the Iranian capital, Tehran, and the other in Russia’s Baltic port city St. Petersburg. They will facilitate trade between the two countries in the energy, transportation, electronics, agriculture, food, pharmaceuticals and construction sectors. The goals of the memorandum are to help Iranian and Russian businesspeople establish contact and conduct financial transactions. The project will also work toward “accelerating the north-south corridor project,” the official Islamic Republic News Agency reported. 

Russia is facing international outrage over its invasion of Ukraine, but relations between the Russian Federation and the Islamic Republic remain strong. Most recently, Russia has demanded that negotiations on the Iran nuclear deal cover the protection of Russian trade interests with Iran.