The free trade agreement between the Eurasian Economic Union led by Russia and Iran has come into effect.

A senior Russian official stated that the free trade agreement between the Eurasian Economic Union, led by Russia, and Iran has come into effect today, paving the way for increased trade across sectors from agriculture to minerals. The Eurasian Economic Union also includes Kazakhstan, Belarus, Armenia, and Kyrgyzstan, with Russia being the dominant economy in the union. The convergence between Russia and Iran has grown in recent years, with trade between the two countries under Western sanctions increasing by 16% to $4.8 billion last year. In January, Moscow and Tehran signed a 20-year strategic partnership agreement, exchanging weapons imports and supporting Iran's right to peaceful nuclear energy. Russian Deputy Prime Minister Alexei Overchuk told Russian news agencies that Iran has protected its market over the decades by developing its internal capabilities and for the first time in its history, has opened its market to goods from third countries. He estimated that the average customs duties applied by Iran on Russian goods under the agreement will decrease to 5.2% from the current 16.7%, providing Russian exporters with around $300 million annually. Iranian Oil Minister Bijan Zanganeh, who visited Moscow in April, stated that the free trade agreement will increase bilateral trade to $6 billion. Iran was the third-largest buyer of Russian wheat in 2024.