Iran’s foreign currency exchange starts trading in the riyal-ruble currency pair.

Iran’s official foreign exchange has listed the Russian currency and said it will begin trading in the ruble-riyal currency pair. The listing came ahead of President Putin’s visit to Tehran, and the head of Iran’s central bank described it as “an important step in the development of economic relations between Iran and Russia.”

Moscow had previously promised to phase out the use of the US dollar in its trade with Iran. Trade between the two countries has grown by 31% in the first four months of this year.

Kremlin press secretary Dmitry Peskov said that Moscow and Tehran are preparing a major new cooperation agreement, saying that Russia and Iran are among the most sanctioned countries in the world and that both countries will work together to reduce the impact of international sanctions on the economy.