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Prime Ministers of the Eurasian Economic Union

Russia Says Regional Free Trade Pact with Iran Possible by Year-End

A free trade zone agreement between Iran, Russia, and several countries that cover the vast Eurasian region spreading from the borders of Eastern Europe to Western China is possible by the end of the year, Russian media reported on Monday, June 19.

Russian Deputy Prime Minister Alexei Overchuk told Russian state media in an interview that talks between the Eurasian Economic Union - which comprises Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia - and Iran are in their final stages.

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.

"We are moving forward," Overchuk said. "We very much hope that such an agreement can be signed by the end of the year."

Both the region and Iran have taken on additional significance for the Kremlin after Western sanctions over Moscow's invasion of Ukraine limited Russia's foreign trade routes and forced it to look for markets outside Europe.

However, despite tighter ties between Moscow and Tehran since Russia invaded Ukraine in February 2022 and began big purchases of Iranian-made drones to attack the country, trade between the two markets has grown only moderately. (JPost / VFI News)

“With one mind they plot together; they form an alliance against you.” - Psalm 83:5