Russia reveals when EAEU and Iran sign FTA, Tehran believes "huge volume" of oil and gas Moscow

On June 19, TASS news agency reported that a regional free trade agreement (FTA) between Iran, Russia and several other countries could be reached by the end of this year.

EAEU is very close to signing FTA with Iran. (Source: IRNA)

In an interview with the news agency, Russian Deputy Prime Minister Alexei Overchuk said that negotiations between the Eurasian Economic Union (EAEU), including Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Iran - are in the final stage.

"The EAEU is very close to concluding an agreement with Iran. We are moving forward and the agreement may be signed by the end of this year," Overchuk said.

Both the region and Iran have taken on additional importance for the Kremlin following Western sanctions over the military campaign in Ukraine.

The sanctions have restricted Russia's foreign trade routes and forced the country to look for markets outside Europe.

Russian government data shows that in 2022, the trade turnover between the country and Iran increased by 20%, two-thirds of the overall growth rate that Moscow achieved with China.

The regional deal with Iran will replace and extend an interim pact that has provided for reduced customs duties on hundreds of goods.

In November 2022, Russia began swapping oil products with Iran. By March 2023, Tehran said it was counting on “huge volumes” of oil and gas swaps with Moscow.

Source: https://baoquocte.vn/nga-bat-mi-thoi-diem-eaeu-va-iran-ky-fta-tehran-tin-tuong-khoi-luong-khong-lo-dau-va-khi-dot-moscow-231488.html