Tehran, Moscow cement partnership with $40b cooperation blueprint

November 14, 2015

TEHRAN – Iran and Russia signed a cooperation blueprint in Moscow on Thursday, which cements partnership between the two countries, the IRNA news agency reported.

The document, which is estimated to value a whopping $30-40 billion, was inked by Russian Energy Minister Alexander Novak and Iranian Communications and Information Technology Minister Mahmoud Vaezi.

The agreement was the upshot of a series of negotiation sessions between Iranian and Russian delegations.

The negotiations between Iranian and Russian delegations brought about optimal outcomes which can contribute to the realization of priorities highlighted by the presidents of the two countries, Vaezi was quoted as saying.

A highlight in Vaezi’s remarks was his optimism towards a major banking agreement projected to be signed by the two sides, especially with the aim of Iran’s membership in the Eurasian Economic Union.

The Russian minister, for his part, asserted that the agreements will strengthen cooperation between Iran and Russia, which have the highest gross national products among the coastal countries of the Caspian Sea.

Novak expressed Russia’s readiness to export cereals to Iran and expand bilateral banking, veterinary, agriculture, and technology ties, particularly nanotechnology, so as to boost the current level of bilateral trade which amounts to $1.6 billion.

Airplane and helicopter, nuclear energy and power plant, railway renovation, and railcar construction, are some likely areas which Russia can focus on in its trade with Iran, he explained.

The implementation of previous short-term agreements clinched between Iran and Russia can swell trade between the two countries to $10 billion per annum in the near future, he noted.

According to Novak, Russian Minister of Industry and Trade Denis Manturov will call on Iran so as to look into the ways bilateral cooperation can be expanded before the end of 2015.