The Russian and Iranian governments want to strengthen cooperation in the fields of energy and trade. For example, they agreed to make greater use of their national currencies in their trade exchanges. Joint investments in gas and oil projects and the exchange of oil and gas are also conceivable.
“Both Iran and Russia are suffering from repressive sanctions that, God willing, can be lifted through cooperation and strengthening ties in various areas,” Iran’s oil minister, Javad Ouji, said in Iran.
There he met Russian Deputy Prime Minister Alexander Novak on Wednesday. Energy is the main sector of trade and economic cooperation between the two countries. During the meeting, the politicians discussed, among other things, the exchange of oil and gas and how to increase joint investment in oil and gas projects.
They also determined that “the level of Iran-Russian trade relations in the fields of energy, banking, transport, agriculture, nuclear energy, industry and trade” should be increased to $40 billion (about 37.5 billion euros) per year. In return, their national currencies should be used more often.
Large reserves
Russia and Iran have large oil and gas reserves, but are limited in their export options. The reason for this is the sanctions imposed by the West. Russia was hit with economic sanctions after the war started in neighboring Ukraine, while Iran’s economy has struggled with US sanctions since 2018. The two governments maintain close economic ties as well as political and military ties.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
