MOSCOW, July 14 (RAPSI) – Russian President Vladimir Putin on Thursday signed a law on the ratification of a protocol to the Temporary Agreement on the Free Trade Area between the Eurasian Economic Union (EAEU) and Iran, according to the official website of legal information.

The temporary agreement which came into force in 2019 is valid until October 27, 2022. However, negotiations for the conclusion of a new document may not be completed by this date, the State Duma of the Russian Federation reported earlier.

In March, a protocol to extend the Interim Free Trade Agreement (FTA) until October 27, 2025, or until the entry into force of a new agreement, depending on whether which of the events will come first was signed in Tehran “in order to avoid the termination of the preferential trade regime with Iran”, the statement read. 

Russian authorities believe that the implementation of the protocol will contribute to "further development of cooperation with the Islamic Republic of Iran in the trade and economic sphere."