Media Wire

Economy minister says Iran’s oil exports hit highest level amid US sanctions

Tehran has achieved its highest level of oil exports for at least two years, surpassing the previous high of 1.3 million barrels a day despite Washington's sanctions, Iranian Minister of Economic Affairs and Finance Ehsan Khandouzi has confirmed.

Khandouzi stated in an interview with The Financial Times that non-oil exports worth $53 billion were 12% higher in the first 11 months of this year compared to the same period last year. The minister credited the country’s continued economic success to the help of Russia, its largest foreign investor this year at $2.76 billion.

“We define our relations with Russia as strategic and we are working together in many aspects, especially economic relations. China and Russia are our two main economic partners (and) Iran is going to expand its relations with them through implementing strategic agreements,” he added.

Khandouzi also revealed that Russia had made up two-thirds of the total foreign direct investment (FDI) of about $4.2 billion in Iran this financial year.

The Iranian and Russian central banks signed an agreement in January to link their interbank communication systems to boost bilateral trade. Khandouzi stated other countries were interested in using mechanisms such as mutual monetary agreements or trade-based swaps to carry out trade with Iran.

“We have negotiated not only with Russia but also with China and other partners, including Turkey, in this regard. Technically speaking, this financial network is in a better situation between Iran and Russia than others,” he continued.

Iran has prioritized developing regional and Asian trade relationships since President Ebrahim Raisi’s administration took office in 2021 to counter the impact of sanctions. A Chinese-brokered deal signed this month will restore diplomatic ties between Iran and rival Saudi Arabia, seven years after they severed relations.

Iran has achieved significant economic growth despite the challenge of international sanctions by focusing on strengthening economic ties with strategic partners such as Russia and China.

IFP Media Wire

Reports and views published in the Media Wire section have been retrieved from other news agencies and websites, and do not necessarily reflect the opinion of the Iran Front Page (IFP) news website. The IFP may change the headlines of the reports in a bid to make them compatible with its own style of covering Iran News, and does not make any changes to the content. The source and URL of all reports and news stories are mentioned at the bottom of each article.

Recent Posts

President Pezeshkian emphasizes need for improved foreign relations

In a consultative meeting on foreign policy, Iranian President Masoud Pezeshkian stressed that to achieve…

3 hours ago

Qatar’s Emir orders cabinet reshuffle

Qatar's Emir Sheikh Tamim bin Hamad Al Thani has appointed six new ministers in a…

3 hours ago

Netanyahu plans to push for West Bank annexation when Trump takes office

Israeli Prime Minister Benjamin Netanyahu plans to push for annexing the occupied West Bank when…

3 hours ago

Aid groups say Israel missed US deadline to enhance humanitarian help for Gaza

Israel has failed to meet United States demands to allow greater humanitarian access to the…

3 hours ago

Putin hopes to recapture lost territory in Kursk before Trump’s inauguration: Report

NATO allies believe that Russian President Vladimir Putin is aiming to recapture territory lost to…

8 hours ago

Iran does not rule out direct talks with US, advises Trump to avoid past mistakes

The Iranian government spokeswoman has not ruled out direct Iran-US talks under the new US…

10 hours ago