TEHRAN: Russia and Iran, both targeted by international sanctions squeezing their economies, set the stage yesterday for a strategic partnership aimed at vastly expanding trade and investment.
The two countries signed a number of protocols intended to increase bilateral trade tenfold in the next two years from the current figure of $1.5bn. At the same time, Russian Energy Minister Alexander Novak said the two countries would also pursue investment projects worth €70bn.
Iranian Oil Minister Bijan Zanganeh, who had welcomed on Tuesday a sizeable Russian delegation, said “there is no restriction on developing trade relations” between the two sides.
Iran has long been under an array of EU, US and UN sanctions over its disputed nuclear energy programme. Western powers suspect Tehran has sought to develop nuclear weapons, a claim it strongly denies, and negotiations are now underway to reach a deal acceptable to both sides.
Russia, meanwhile, has recently been slapped with EU and US sanctions over its perceived support for separatists in Ukraine.
Consequently, both countries are looking for new economic partnerships. One example is food. “Before the sanctions, we imported certain products from the European Union, and now we can import them from Iran,” Novak said.
Under one deal, Iran will buy 10 million tonnes of wheat, while exporting dairy products, fruit and vegetables to Russia. Tehran also aims to triple from $600m its sales to Russia of chicken, meat and eggs, as well as shrimp. AFP
