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Recent developments between the Islamic Republic of Iran Customs Administration (IRICA) and the Eurasian Economic Union (EAEU) underscore growing economic collaboration. The successful conclusion of their 3rd technical meeting focused on enhancing trade through electronic information exchange, vital for implementing the Free Trade Agreement (FTA). Key outcomes include tariff-free access for 87% of Iranian exports to EAEU members and an agreement for electronic customs information exchange, improving trade efficiency. Iran’s observer membership in the EAEU marks a significant step in deepening ties. Overall, these advancements are expected to bolster trade volumes and foster a stronger partnership in the region.
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During Joe Biden’s presidency, Iran’s oil exports surged dramatically, totaling nearly 2 billion barrels, a significant increase from 2019 to 2021. Daily exports rose from under 400,000 barrels in early 2021 to an average of 1.6 million barrels last year. In 2024, Iran exported 587 million barrels, marking a 10.75% increase from 2023. The estimated value of these exports reached around $135 billion, despite sanctions and pricing strategies that remain unclear. Notably, 91% of Iran’s oil went to China, where independent refineries face pressure. Iran has utilized a “ghost fleet” of tankers to evade sanctions, tracking 477 vessels involved in smuggling.
The Iranian Oil Minister recently discussed strategies to maintain oil exports amid potential international sanctions. He highlighted that despite the threat of snapback sanctions, the ministry has implemented effective measures to safeguard sales. Iran exported over 21,000 barrels per day from March to July 2025, marking a significant increase from the previous year. The minister emphasized the country’s extensive experience in bypassing restrictions and the readiness of a specialized team to adapt strategies for sustained exports. Overall, the ministry remains confident in its ability to navigate challenges in the global oil market and uphold Iran’s economic interests.
Trade turnover between Russia and Iran increased by 16.2% in 2024, reaching $4.8 billion, according to Russian Energy Minister Sergey Tsivilyov. He emphasized the belief that mutual trade potential is even higher. Iranian Oil Minister Mohsen Paknejad expressed optimism that joint agreements could raise trade levels to between $4 billion and $6 billion. The upcoming 19th meeting of the intergovernmental commission in Tehran reinforces both nations’ commitment to enhancing economic ties, especially after a decline in trade to $4 billion at the end of 2023. This upward trend reflects a strategy to strengthen economic resilience and reduce dependency on Western markets.
Recent reports highlight a surge in operations at Iranian ports, emphasizing their role in the economy. Between March 21, 2024, and February 22, 2025, over 25 million tons of oil and more than 49 million tons of non-oil goods were unloaded, while over 69 million tons of oil and over 70 million tons of non-oil products were loaded. Container operations also saw a 12% increase, with 2,842,736 TEUs handled. This growth reflects the efficiency of Iran’s maritime logistics and the government’s investments in port infrastructure, positioning Iran as a key player in global trade.