Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al-Qassam Brigades: We will hand over the body of one of the occupation prisoners that was exhumed today in the Gaza Strip at 9 pm Gaza time.
Al Mayadeen correspondent to southern Lebanon: One martyr and one wounded in the initial toll of an Israeli drone strike targeting the town of Al-Bayyad.
Local sources report that a car bomb explosion has targeted the General Security headquarters near the Baniyas Court in the Tartous countryside, western Syria
Israeli artillery strikes target Khan Younis, the Gaza Strip.
Palestinian media: IOF arrest leader Jamal al-Tawil, who was liberated as part of the prisoner exchange, from his home in al-Bireh.
Palestinian media: 'Israel' launches two airstrikes on eastern Khan Younis, Gaza.
Al Mayadeen’s correspondent in Gaza: Israeli occupation forces carry out demolitions in eastern Gaza City.
Venezuelan Foreign Ministry: The National Armed Forces will remain on alert and mobilized in the face of this extremely dangerous provocation.
Venezuelan Foreign Ministry: This is not a defense exercise, but rather a military aggression aimed at turning the Caribbean into a space for violence and US hegemony.
Venezuelan Foreign Ministry: The government of Trinidad and Tobago has surrendered the country's sovereignty to act as a military colony serving US interests.

Iran, Russia strengthen ties through food, carpets, banking & more

  • By Al Mayadeen English
  • Source: Agencies
  • 28 Aug 2022 22:09
  • 1 Shares
3 Min Read

Cooperation between Moscow and Tehran will only weaken the impact US sanctions have in a changing world.

  • x
  • Iran and Russia strengthen ties through food, carpets, banking & more
    People walking inside a Tehran mall in Iran, April 20, 2020 (WANA)

Iran and Russia have been warming up in relations, with reports in July revealing that Iran had become Russia's top customer in purchasing Russian wheat with 360,000 metric tonnes in deliveries according to data-intelligence company Kpler. 

Read next: Iran, Russia meet to strengthen trade ties

This month, Russia launched an Iranian satellite into space, as a part of Iran's space program, which is coming to success. 

The two countries' close collaboration comes against a backdrop of targeted and comprehensive sanctions waged by the West against them, which has prompted closer cooperation in the long run. The US-led world order has only polarized alliances further. 

The closer cooperation will ameliorate the aggressive impacts of the West-led sanctions on the two countries by locating new markets for their products and boosting military cooperation. Recently, US National Security Advisor Jake Sullivan called the ties a "profound threat".

Furthermore, bilateral trade has risen 10% between the two countries this year - in 2021, according to Russia, bilateral trade increased 80% higher, reaching $4 billion.

With food and military cooperation on the rise, there is also carpet and clothing trade with frequent Russian customers, doubling since February and now making up half the customer base. 

Related News

World biggest economies looking for USD alternatives

Sri Lanka to join Russia's Mir system, resumes flights to Russia

Iran is also selling clothes to Russian buyers, replacing Western brands and automotive spare parts to Russian car makers. 

Earlier this month, the Iranian Finance Ministry's banking and insurance department said Iran could join the Russian Mir payment system within months of when talks between Tehran and Moscow reach a conclusion - this, according to Qorban Eskandari, the department's head, could be in the very near future. 

Last month, authorities in the Iranian Foreign Ministry announced that they will soon begin to accept Mir cards for transactions. The development in economic relations came during rising reports that Tehran and Moscow were working on expanding economic relations to combat US sanctions. 

Read more: Iran’s experience in facing sanctions available to Russia and may inspire it – Experts

On July 23, Iran's Currency Exchange (ICE) launched a currency pairing system that enables exporters and importers to make payments in both the Iranian rial and the Russian ruble. 

In July, Kremlin aide Yury Ushakov highlighted that "Iran is an important partner of Russia, relations are of a friendly nature, have a long history, and are developing very effectively in the widest range of areas. Both sides have plans to bring bilateral cooperation to a new level — the level of strategic partnership. A new interstate agreement is being prepared.”

Read next: Iran, Russia sign business deal

In other words, Ushakov said that Russia and Iran have plans to elevate their relations to the level of a strategic partnership and that a new deal is being drafted.

Last February, Russian banks were excluded from the SWIFT interbank payment system by the decision of the European Commission and its allies. The maneuver was intended to hit the country's banking network and its access to funds via SWIFT, which is pivotal for the smooth transaction of money worldwide.

  • Mir banking cards
  • Russia
  • Iran

Most Read

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

  • Technology
  • 24 Oct 2025
Abu Hamza, the spokesperson for the Al-Quds Brigades, during a speech televised on October 22, 2025 (Al-Quds Brigades Military Media)

Al-Quds Brigades' Abu Hamza mourns leaders, vows continued resistance

  • Politics
  • 22 Oct 2025
US missionary kidnapped in Niger capital, suspected taken toward Mali

US missionary kidnapped in Niger capital, suspected taken toward Mali

  • Africa
  • 23 Oct 2025
Arab League chief exposes secret US deal shielding 'Israel’s' nukes

Arab League chief exposes secret US deal shielding 'Israel’s' nukes

  • Politics
  • Today

Coverage

All
War on Gaza

Read Next

All
Sheikh Naim Qassem speaks during an interview with Al-Manar TV, October 26, 2025 (Screenshot)
Politics

Hezbollah ready to face 'Israel' in case of war: Sheikh Naim Qassem

A Russian cargo train arrives at Astara Railway Wharf, March 2018 (IRNA)
Economy

Tehran, Moscow to finalize INSTC rail project next month

Iran's Parliament Speaker Mohammad Bagher Ghalibaf addresses the media after submitting his candidacy for the Islamic Republic's upcoming presidential election in Tehran on June 3, 2024 (AP)
Politics

UNSCR 2231 termination marks major win for Iran’s diplomacy: Qalibaf

ap
Politics

'Israel' killed 40 Palestinian children in West Bank since January: UN

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS