Mohsen Paknejad, speaking to reporters upon his arrival in Moscow on Thursday to attend the 18th meeting of the Iran-Russia Joint Economic Commission, noted the significance of this session, as it follows the signing of a comprehensive strategic treaty that paves the way for stronger bilateral ties.

He said specialized delegations from various executive agencies began technical meetings the previous day, with no major issues reported so far. The potential for cooperation between Iran and Russia spans multiple sectors, including energy, finance, banking, agriculture, and oil and gas products. Paknejad emphasized that leveraging these opportunities could help overcome existing limitations.

Aiming for over $10b in trade 

When asked how long it would take to increase trade from the current $5 billion to $10 billion, Paknejad said the two countries’ trade capacity far exceeds that figure. He stressed that the focus is not solely on reaching $10 billion but on expanding cooperation to higher levels, which is achievable given both sides’ commitment and ongoing expert efforts.

He expressed hope that the final statement, to be signed by the commission’s heads on Friday, would lay the groundwork for meeting set targets.

Joint oil, gas projects 

Paknejad noted that four contracts worth $4 billion have been signed with Russian companies to develop seven oil fields, along with several memorandums of understanding (MoUs) in oil and gas that could be finalized into contracts. Expert teams are negotiating details for implementation.

Final talks on Russian gas swap via Iran 

Regarding Russian gas transit and Iran’s potential role as a regional gas hub, Paknejad said both sides are interested in a two-phase plan: first, importing gas from Russia, and second, facilitating gas trade via swap or transit arrangements. Detailed negotiations are nearly complete, with only a few remaining issues to resolve before an official announcement.

He concluded by expressing optimism that the meeting’s outcomes would help remove barriers to bilateral cooperation and advance shared goals.

The 18th Iran-Russia Joint Economic Commission meeting follows the signing of a comprehensive strategic treaty during Iranian President Masoud Pezeshkian’s official visit to Moscow in January. Recently approved by Russia’s State Duma, the treaty aims to strengthen economic, cultural, trade, defense, scientific, and technological cooperation, providing a foundation for expanded bilateral relations.