MojNews-According to latest data, Iran-Russia trade relationship has witnessed 48% rise in Q1 of 2024.

Deputy Prime Minister of the Russian Federation Alexander Novak has said that the volume of trade between Russia and Iran increased by 48 percent in the first three months of 2024 compared to the same period last year.

According to the results of the first quarter of 2024, Russia's exports to Iran have increased by 77 percent and the country's imports from Iran have increased by 13 percent, Novak said in his meeting with Iranian Petroleum Minister Javad Oji.

He also referred to the launch of direct flights between Grozny and Tehran on June 10, 2024, which will be carried out by Iran's Mahan Air.

I am confident that it will increase the flow of tourists between Iran and the North Caucasus regions, he stressed.

The value of Iran’s exports to Russia rose 26 percent in the past Iranian calendar year (ended on March 19), as compared to the preceding year.

Some 2.185 million tons of products worth $946 million were exported to Russia in the previous Iranian year, while a year earlier the Islamic Republic had exported only 1.436 million tons of goods valued at $751 million to the country.

According to official data, Iran’s exports to Russia also increased by 56 percent in terms of weight during the previous year.

Agricultural products, petrochemicals, and oil-based products were the top exported products to Russia in the mentioned year.

The imports also grew by nine percent in terms of value and 27 percent in terms of weight.

In line with the two countries’ determination to increase the level of trade exchanges, during a video conference meeting between the deputy transport ministers of Iran and Russia on November 28, 2023, the two sides discussed ways of increasing annual transit through Iran to 10 million tons.

In this virtual meeting, the two sides discussed transportation cooperation between the two countries in all areas including rail, road, and sea.

The two sides have been taking serious steps to boost their mutual trade over the past few years.

In late January, late President Raisi said that the Islamic Republic and Russia have reached an agreement to boost the trade between the two countries up to $10 billion.

“We agreed to remove trade barriers and boost the economic exchanges between the two countries. Currently, the level of mutual trade is not acceptable, so the two countries agreed to increase trade to $10 billion a year,” Raisi said on January 21, upon arrival to Tehran after a two-day visit to Moscow.

As major players in the world and West Asia’s political and economic scene, Iran and Russia have been expanding political and economic ties for many years, however, the relations between the two countries have entered a whole new level over the past few months.

The imposition of sanctions on both countries has been a major factor in bringing the two sides closer together, making them a strong alliance against U.S. pressures. Over the past few months, senior officials from the two sides have been meeting and visiting each other to consolidate bilateral cooperation in various fields, including energy, oil, gas, and transit, as well as diplomatic and political relations.