Iran Signs Deal With Russia To Import 20 Million Tons Of Basic Goods

Iran has reportedly signed a deal with Russia to import 20 million tons of basic goods, including vegetable oil, wheat, barley and corn.

NourNews, which is affiliated with the secretary of Iran's Supreme National Security Council (SNSC), Ali Shamkhani, said on Saturday that Iran’s Agriculture Minister Javad Sadatinejad signed the agreement during a visit to Russia last week.

NourNews did not report the monetary value of the deal.

The report said the deal is to address concerns about shortages of basic goods and livestock feed in the next Iranian year, starting on March 21.

Iran eliminated a major subsidy for importing food and animal feed recently, raising fears of rising prices in the new year. According to a report by ISNA on Saturday, out of about $19 billion worth of basic goods imported in the past 12 months nearly $15 billion was subsidized with cheap dollars provided to importers.

Earlier in March, the parliament decided to scrap the multi-billion-dollar subsidy for essential food and medicines, despite warnings of more inflation and hardship.

The idea to eliminate the subsidy emerged after hardliner president Ebrahim Raisi (Raeesi) assumed office in August and could count on backing from conservatives and ultra-conservatives in control of Iran’s parliament.

The deputy head of Iran’s Customs Administration, Foroud Asgari, said about 30 million tons of basic goods have been cleared through customs and entered the country.