Official: Bartering Deals to Effectively Lower Impact of Sanctions

Date: 23 July 2023 - 21:59

News ID: ۱۱۷۵۵۳

TEHRAN – The chairman of the Iran-Russia Joint Chamber of Commerce Hadi Tizhoush Taban said bartering deals are a solution for weakening the impact of sanctions and developing Iran’s economic relations with other countries of the world.
Bartering is a trade mechanism that can affect the development of Iran’s trade relations with other countries and this issue can play a leading role in weakening the impact of sanctions imposed by the U.S. government against Iran, Tizhoush Taban stated.
In the bartering method, suitable grounds are provided for the two sides to exchange products and services reciprocally with no need to currency transfer, he highlighted.
Bartering trade with other countries can cover a part of Iran’s foreign exchanges and this can be very effective in weakening the impact of U.S. sanctions imposed against the country, Tizhoush Taban added.
Elsewhere in his remarks, the chairman of the Iran-Russia Joint Chamber of Commerce emphasized that ‘bartering’ is an operational solution for doing business with countries that are facing a shortage of currency resources and noted that this method is used at the time of crisis, especially in economic recession, high inflation rate and/or when the national currency is depreciated.