An internal document from the Russian government shows that 68% of this country’s trade with Iran is carried out in rubles and rials; meanwhile, Russian officials have openly said that almost all trade between the two countries is conducted in their national currencies. Vladimir Putin, the President of Russia, had announced in January 2025 that this figure was 95%. According to this document, Russia is even targeting a 71% share for 2026 as well.

The document is being released at a time when the United States has increased pressure on the financial networks used by Iran and Russia. The U.S. Department of the Treasury has sanctioned the Russian bank “VTB” due to its role in creating a payment system with rubles and rials, and on Thursday it also targeted the “E7” network. Washington says the Islamic Republic uses this network to bypass sanctions and to transfer money obtained from oil sales and to purchase weapons.