An interim agreement with Iran could open the trade doors with members of the Eurasian Economic Union over the next four years, Russia’s prime minister said.
Iran may be facing economic isolation in May when U.S. President Donald Trump is expected to break the terms of the Joint Comprehensive Plan of Action by not signing off on sanctions waivers.

The U.S. president sees the deal that scales back Iran’s nuclear ambitions as flawed and its collapse could have sweeping economic and national security consequences, as reported by UPI News Agency.

This week, the Central Bank of Iran said it was considering a currency swap mechanism with Turkey so there would be “no need” for currencies like the U.S. dollar or the euro to settle its accounts. On Tuesday, Russian Prime Minister Dmitry Medvedev signed an interim agreement to set up a free trade agreement between Iran and members of the Eurasian Economic Union (EAEU).

“The agreement provides for the formation of a free trade area on a limited range of goods between the EAEU and Iran,” a statement from Medvedev read. “The EAEU will grant Iran tariff concessions on 502 harmonized commodity codes.”

EAEU member states are Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.