Ali-Mohammad Mousavi, deputy oil minister for international affairs and commerce, said extensive negotiations between Iran and Russia at the 19th Iran-Russia Joint Economic Commission resulted in the signing of one memorandum of understanding and four cooperation agreements.

“Iran is completely ready to attract foreign investment, not only from Russia but also from other countries,” Mousavi told reporters on the sidelines of the commission meeting.

He said 17 specialized working groups were formed over the past three days, bringing together experts from ministries and relevant agencies of both countries to review progress, challenges and solutions to remove obstacles. The outcomes were compiled into the commission’s final document, which was signed Wednesday by the two countries’ ministers.

Mousavi said the commission covered a broad range of areas, including railways, health, education, transportation and standards. The agreements signed Wednesday reflect a year of continuous negotiations and cooperation between Tehran and Moscow, he added.

Referring to gas cooperation, Mousavi said the necessary infrastructure for importing Russian gas has been prepared and talks are ongoing.

Follow-up on $40b agreement

Mousavi described the joint commission as a platform to record and assess progress in bilateral cooperation. He said negotiations continue throughout the year through regular meetings, with outcomes reviewed and finalized at the ministerial level during the commission.

With the conclusion of the current session, the chairmanship of the joint commission was transferred to the Russian side, and preparations for the 20th session have begun, he said.

On oil-sector cooperation, Mousavi said seven oil fields have so far been assigned to Russian partners and the projects are underway.

He added that a previously signed $40 billion memorandum of understanding between Iran and Russia remains valid, and negotiations to convert the MoUs into operational contracts are continuing.

“These agreements are progressing in phases, and some have already entered the contract-signing stage,” Mousavi said. “We expect next year to be the time when these collaborations yield results.”

Mousavi also highlighted Iran’s cooperation with regional countries and energy producers, saying Iran maintains close engagement within OPEC, OPEC+ and the Gas Exporting Countries Forum. He described the partnerships as positive, strategic and mutually beneficial.