Thursday, February 29, 2024

Iran, Russia to increase trade volume to 40 billion dollars

Iran’s Oil Minister says annual trade exchanges between the country and Russia will increase 10-fold from the current 4 billion dollars.

Javad Oji said the current trade volume is 4 billion dollars per annum and as per agreements between Iran and Russia during President Ebrahim Raisi’s visit to Moscow last year, this figure will increase to 40 billion dollars.

Oji added that the trade will take place in the fields of energy, roads and industries as well as medical and agricultural equipment.

Oji, head of Iran-Russia joint economic commission, added that a key agreement is about monetary and banking cooperation.

According to him, Russia and Iran are to use each other’s currencies and monetary treaties and link their credit systems to each other as well.

The oil minister elsewhere said the Islamic Republic has used half of a 5-billion-dollar credit line granted by Russia for the implementation of projects in various fields.

He added that the two sides have entered into good deals aimed at developing joint oil and gas fields and joint ventures, production of petrochemical products, developing g technical know-how, swapping gas, oil products and even crude oil.

Oji said Iran will import 5 million tons of wheat or grains from Russia. He noted that an agreement was finalized for this purpose during a visit to Moscow by an Iranian delegation

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