Russian News Agency TASS: Establishment of Free Trade Zone with Iran Likely by Year-End

The Russian news agency TASS says the establishment of a free trade zone involving Iran is likely by the end of the year.

The Russian news agency TASS reported on Monday, June 19, that the creation of a free trade zone including Russia, Iran, and several regional countries from Eastern Europe to Western China is likely before the end of the current year.

Alexey Overchuk, the Deputy Prime Minister of Russia, said in an interview with this state news agency that negotiations between the countries of the Eurasian Economic Union, including Russia, Iran, Belarus, Armenia, Kazakhstan, and Kyrgyzstan, are in the final stages.

He added that the negotiations are progressing, and we are very hopeful that the final agreement will be signed before the end of the current year.

Following the severe Western sanctions against Russia due to its military invasion of Ukraine, which has severely limited Russia’s foreign trade, Moscow is seeking new markets, and Iran and other regional countries have gained more importance in this strategy.

However, despite the expansion of military cooperation between Iran and Russia, a notable example of which is the purchase of a large number of Iranian combat drones for the war in Ukraine, the volume of trade transactions between the two countries has only slightly increased.