Iran can secure good share of Russian market: ICCIMA

A deputy chairman of the Non-Oil Export Commission of the Iran Chamber of Commerce, Industry, Mine and Trade (ICCIMA) said Russia will facilitate exports from Iran due to the war in Ukraine and Western sanctions.

Seyyed Mostafa Mousavi said the current situation in Russia will provide Iran with adequate market capacity, ifpnews.com reported.

“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 it, and the 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 cutting off banking ties and the closure of the SWIFT could cause many problems for the 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 the country.

Source: Iran Daily