Recent developments in Iran-Russia trade relations include two Russian banks accepting Iranian-issued Letters of Credit (LCs), a move confirmed by Alireza Gachpazzadeh of Iran’s Central Bank. This arrangement is expected to lower import costs for Iranian businesses and facilitate the import of essential goods, particularly agricultural products from Russia. A potential third Russian bank may join this initiative, further enhancing trade. Additionally, Iran and Russia are strengthening banking ties, with Russian cards now usable in Iran and vice versa. These advancements reflect a growing partnership aimed at countering Western sanctions and fostering economic cooperation between the two nations.