The Kremlin announced on Thursday that over 96% of trade transactions between Russia and Iran are now conducted in their respective national currencies, showcasing a significant shift away from reliance on the US dollar.

Between January and October 2024, trade volume rose by 15.5%, reaching $3.77 billion, with total trade for 2023 surpassing $4 billion. Key joint initiatives, particularly in the energy and transport sectors, are being actively pursued, according to the statement.

Russian President Vladimir Putin is set to host Iranian President Masoud Pezeshkian in Moscow, where the leaders will discuss pressing issues in the Middle East, including the situations in Syria and occupied Palestine.

"It is expected that the upcoming high-level talks will address key issues on the global and regional agenda of mutual interest. These include the development of the situation in the Middle East, including in Syria and in the Palestinian–Israeli conflict zone, in Transcaucasia, the situation around the Iranian nuclear program, and others," the Kremlin stated.

Strategic partnership

The two presidents are also preparing to sign an agreement on strategic partnership during their meeting on Friday. According to the Kremlin, this agreement will mark a new stage in bilateral relations between the two nations.

It is designed to replace the existing 2001 agreement, reflecting the substantial expansion of cooperation between the two nations over the past two decades.

It encompasses a wide array of sectors, including politics, economics, modern technologies, information and cybersecurity, peaceful nuclear energy, defense, and military matters. 

Read more: Iran, Russia strengthen commitment to North-South Transport Corridor

On Thursday, Kremlin spokesperson Dmitry Peskov addressed speculations regarding the timing of the signing, which is scheduled just days before the US presidential inauguration on January 20.

"Numerous speculations about the choice of date for signing the Comprehensive Strategic Partnership Agreement between Russia and Iran on the eve of Trump's inauguration only cause a smile," the spokesman said.