Iran, Russia sign automotive deals worth €700mn

Iranian and Russian car manufacturing companies have signed 12 cooperation deals worth 700 million euros on the sidelines of an international automobile exhibition in the Russian capital Moscow.

The agreements were signed on the third day of the Automobility Moscow 2022 on Wednesday to establish an auto parts production line and export spare parts.
Iran’s Mega Motor company, a subsidiary of Saipa, will start the partnership with a Russian automobile engine maker.

Iran’s ambassador to Russia Kazem Jalali, who took part in the signing ceremony, said, “If these agreements are implemented, Iran will benefit over 700 million euros in the first step.”

In 2021, Iran’s exports to Russia were about one billion dollars, most of which were agricultural products and foodstuff, but with the new agreements, technological and industrial exports will also be added to the list, the Iranian envoy added.

Iran and Russia, both targeted by harsh US sanctions, say they are devising strategies to form a stronger alliance against Washington’s hostile policies.

Both countries are removing the dollar from their bilateral transactions, as the US uses the hard currency as a political tool for pressure and domination against other countries.

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