Heading a high-level delegation, Russian Deputy Prime Minister Alexander Novak is visiting Tehran to discuss his country’s cooperation with top Iranian officials, including First Vice President Mohammad Mokhber, Minister of Petroleum Javad Owji, Roads and Urban Development Rostam Qassemi, and Secretary of the Supreme Council of Free Trade-Industrial and Special Economic Zones Saeid Mohammad.  

Following the meeting between Owi and Novak, the two sides are expected to issue a joint statement on bilateral cooperation in the trade and economic; financial and banking; transport, logistics and customs; industry and mining; agricultural; energy; health; and hygiene sectors.

Earlier in the day, the Russian deputy prime minister attended a meeting of the Iran-Russia Joint Economic Commission.

Novak said the Russian markets’ needs could be met by Iranian products, citing his country’s imports have been limited and the two sides’ deals and transactions should be based on their own currencies.

A number of “unfriendly” countries have heaped pressure on Russia, said the top diplomat, justifying that the issue should lead to further cooperation between Moscow and Tehran and that is why a large delegation comprising state officials, traders, and economists has come to Iran.

The ongoing negotiations between Russia and Iran will play a major role in bilateral relations, underlined Novak, recalling that the two countries seized a good opportunity last year and increased their trade volume by 81 percent to $4 billion.

In the meantime, Masoud Khansari, chairman of Tehran Chamber of Commerce, Industries, Mines and Agriculture, expressed full readiness to broaden cooperation with the Russian private sector in all fields.

Iran-Russia economic ties have witnessed a lot of ups and downs in the past, said the official, quoting analysts as saying that the expansion of their relations has not been as important as the recent years.

Shifting to Iranian President Seyyed Ebrahim Raisi visit to Moscow, Khansari said the exchange of delegations has played a direct role in boosting Iran’s export to Russia, particularly following the conflict between Russia and Ukraine.    

The export process will be facilitated by signing the free trade agreement with the Eurasian Economic Union (EAEU) that had been partly implemented, assured the chamber head.  

He is convinced that Iran-Russia trade volume will rise to $10 billion in the first phase and $25 billion in the next stage when the two sides ditch dollar as the dominant currency and also support barter trade between their private sectors’ businessmen.

Iran and Russia have vast oil and gas reserves and enjoy high geopolitical status. The two countries can change the equation in international energy and economic sectors.

Both Iran and Russia have energy-based systems and their economies have developed through exporting related products.

Following his visit to Moscow on January 18, 2022, Iran’s Minister of Petroleum Javad Owji said, “Good decisions were made to develop oil and gas fields in the upstream sector, and refineries as well as petrochemical complexes in the downstream sector, and also transfer the equipment and technology that play a strategic role in Iran’s oil and gas industries.