Mostafa Barzegar, director general of the oil ministry's department for Europe, the U.S. and the Commonwealth of Independent States, said the target is based on short- and medium-term goals. He spoke at the start of the three-day 19th session of the Iran-Russia Joint Commission on Economic Cooperation.

The commission will include expert-level meetings over the first two days, Barzegar said. Russian Energy Minister Sergey Tsivilyov, who co-chairs the commission, arrived in Tehran on Monday for talks with senior Iranian officials. A final document is expected to be signed on the last day.

Barzegar noted the commission is meeting for the second time in less than a year, with the last session held in Moscow in April. He attributed the accelerated pace to the political will of both countries to deepen ties across various sectors.

He said more than 75% of the 193 provisions agreed upon during the last commission meeting have been implemented or are in the process of being implemented.

Barzegar highlighted significant growth in agricultural trade between the two countries this year. In the energy sector, he said Russian companies are currently investing in seven Iranian oil fields and account for about 6% of Iran's oil production, with a goal to double that share.

On nuclear energy, Barzegar noted Russia built and invested in the first phase of the Bushehr power plant, with phases two and three now underway. He also mentioned a preliminary agreement for a potential $25 billion Russian investment in constructing new, small-scale nuclear power plants, though he said the project, launched about five years ago, requires a decision on its future during the current commission.

Barzegar said discussions are ongoing for a two-phase plan to import natural gas from Russia, with the first phase aiming for 55 billion cubic meters annually. Talks are also underway to import electricity from Russia via Azerbaijan.

He identified transportation and transit infrastructure as a key obstacle to expanding trade, stressing the need to complete the Rasht-Astara railway. The 162-kilometer (100-mile) link is seen as a crucial missing piece of the International North-South Transport Corridor. Barzegar said land acquisition is nearly complete and about 40 kilometers (25 miles) have been handed over to Russian contractors for construction. The rail line is expected to have an annual capacity of 15 million tons of goods.

While the oil ministry oversees the joint commission, Barzegar emphasized that economic cooperation extends beyond the energy sector.

Bilateral trade currently stands at around $5 billion annually, a figure Barzegar described as far below the potential given the strategic relations between the countries. He pointed to the recently signed 20-year comprehensive strategic partnership between the two nations and Iran's free trade agreement with the Eurasian Economic Union as foundational documents for boosting economic ties. He also cited cooperation within BRICS, OPEC-plus, and on natural gas as evidence of the capacity for broader collaboration.