Iran-Russia Non-Oil Trade Reaches Record High

Iran's non-oil exports to Russia have increased significantly, reaching 1.056 million metric tons valued at $803 million in the nine months leading up to December 20, 2024, representing a 14% rise in value compared to the previous year. The main export from Iran during this period was bell pepper, which saw a 175% increase in volume. Conversely, Iran has been importing more from Russia, with imports totaling 1.491 million tons worth $1.099 billion, resulting in a trade deficit of nearly $300 million. The growing trade relationship is bolstered by a preferential trade agreement with the Eurasian Economic Union, which aims to mitigate the impact of Western sanctions on both countries. Furthermore, infrastructure projects, such as the Rasht-Astara railway, are expected to enhance trade routes between Iran, Russia, and beyond. Experts predict that trade will continue to grow as a free trade deal is anticipated to be finalized soon.