Russia Sees No Decline in Trade with Iran Despite Regional Tensions, Deputy PM Says

Russia has seen no decline in trade with Iran despite recent regional developments, thanks to a free trade agreement with the Eurasian Economic Union that has helped sustain volumes, Deputy Prime Minister Alexey Overchuk said Thursday. “One of our major achievements was the agreement with Iran coming into force last year. We are also extending the North-South [corridor] there,” he said at the Eastern Economic Forum (EEF) in Vladivostok, TASS reported.

The free trade agreement between Iran and the five EAEU member states entered into force in May 2025, marking a major practical step toward deeper economic ties between the two sides. “Despite what is happening in and around Iran today, this agreement allows us to maintain trade volumes. In other words, against the backdrop of everything that is happening, we are seeing no decline in trade volumes,” he said.

The country has remained on a war footing since a US-Israeli coalition launched attacks in late February. During the 40-day conflict, civilians and infrastructure were targeted, while Iran's southern ports remain under naval restrictions. Overchuk did not give a figure for bilateral trade. Russian Transport Minister Andrei Nikitin said in June that shipments from Russia to Iran via the International North-South Transport Corridor rose by more than 56% in the first four months of 2026, while total freight traffic along the corridor increased 87%. Also, Russian Ambassador to Iran Alexey Dedov said in June that bilateral trade reached approximately US$5.8 billion in 2025, up 21% from the previous year. He said the positive trend continued in the first four months of 2026, when bilateral trade grew 2% despite disruptions in some logistics chains. - Iran Daily