Iran and Russia held a trade conference Thursday in Moscow with representatives of over 370 businesses present.

Kazem Jalali, Iran’s ambassador in Moscow, Alireza Peyman-Pak, head of Iran’s Trade Promotion Organization, and Sergeĭ Katyrin, President of Russia’s Chamber of Commerce and Industry, all spoke on potential for boosting economic relations. The Iran-Russia Trade Convention was held in the conference hall of the Russian Chamber of Commerce and Industry in Moscow.

Jalali told Iranian state broadcasting that that over 300 Russian businesspeople were present, with others from across Russia following the conference online. Peyman-Pak said Iran was willing to increase trade to $10 billion in the short term. Trade reached $3.3 to 4 billion in 2021, with Russian exports outweighing Iran’s by around three to one.

Trade between Russia and Iran was rising even before the United States imposed ‘maximum pressure’ sanctions on Iran in 2018, slashing Iran’s business links with western Europe, and may increase further with US and western European sanctions against Russia over the Ukraine crisis.

Representatives of 70 Iranian and 300 Russian companies in nine sectors, including industry, technology, petrochemicals, medicine, and food, held meetings at Thursday’s conference. Over 50 of the Iranian participants were from the private sector, including companies dealing with cement, aquaculture, clothing, medical equipment, and pharmaceuticals. The Iranian delegation, which arrived in Moscow Monday, is reportedly the biggest ever to visit Russia.