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The creation of a free trade zone between Iran, Russia and several other countries in the Eurasian region is expected to be achieved by the end of this year.
The Russian Deputy Prime Minister, Alexei Overchuk, said that the talks between the Eurasian Economic Union and Iran are in the final stage.
"We are moving forward. We very much hope that such an agreement can be signed by the end of this year," said Overchuk.
Both the region and Iran have become more important to the Kremlin as Western sanctions over Russia's invasion of Ukraine have restricted Moscow's foreign trade routes and forced it to seek markets outside Europe.
However, despite the deepening of relations between Moscow and Tehran since the start of the invasion and the start of the purchase of Iranian-made drones to attack Ukraine, trade between the two states has increased little.
According to government data, the turnover of Russian-Iranian goods will increase by 20 percent in 2022. This figure represents two-thirds of the level of growth in trade between Russia and China, which is another key partner with which Moscow in the two years the latter has expanded the political and economic alliance.
The regional agreement with Iran would replace and expand an interim agreement that offers reduced customs duties on hundreds of categories of goods. In November 2022, Russia began exchanging oil products with Iran, and in March Tehran said it relies on large volumes of oil and gas exchanges with Moscow.
Overchuk also said that negotiations among the states of the Eurasian Economic Union for the creation of a common gas market are continuing.
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