Russian Prime Minister Dmitry Medvedev has approved a draft interim agreement establishing free-trade zone between the Russia-led Eurasian Economic Union (EEU) and Iran.
The corresponding order was published on Tuesday on the website of the Russian government. The agreement provides for the formation of a free-trade zone for certain goods and is subject to ratification, as it contains rules different from those stipulated by the Russian law.
Talks between the two countries on a free-trade deal started three years ago but were repeatedly postponed. According to Russian Energy Minister Aleksandr Novak, who is also co-head of the Russian-Iranian Intergovernmental Commission, the agreement “will obviously trigger further development of our bilateral trade and expansion of investment cooperation.”
– Russia Today
With Iran, Qatar, and Venezuela all conducting oil trading outside the dollar, and Saudi Arabia on the cusp of being willing to sell their oil to China in Yuan rather than the global reserve, the next big step towards ending the Petrodollar system appears to be in play as trade in goods and commodities outside of just energy is beginning to ramp up.