Russia/Iran Free Trade Zone Possible by Year End

Russia expects an agreement on a free trade zone (FTA) between Iran and the Eurasian Economic Union (EAEU) will be signed before the end of the year according to Deputy Prime Minister of Russia Alexey Overchuk speaking with Tass.

• "Now, indeed, the EAEU has come very close to concluding such an agreement with Iran. This issue was touched upon, including at the Eurasian Intergovernmental Council and received the support of the heads of government.” he said.
• "[We are in talks with] Egypt, India, Indonesia, and the UAE. All these countries are friendly to us, they are growing markets, so respectively the economic center of the new multipolar world is moving in their direction," Overchuk added.
• Russian-Iranian commodity turnover rose 20% in 2022, according to government data.
• In November 2022, Russia started swapping oil products with Iran and in March, Tehran said it counts on "huge volumes" of both oil and gas swaps with Moscow.
• Negotiations among the Eurasian Economic Union countries on creating a common gas market continue according to Tass reports.