Russia, Iran sign trade expansion agreements 

May 26, 2022 at 3:48 pm | Published in: Middle East Monitor

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May 26, 2022 at 3:48 pm

Russia is keen on continuing trade relations with Iran as it boosts both countries' economies amid severe US sanctions, Russian deputy Prime Minister, Alexander Novak, announced yesterday.

"We're on track to raise trade, economic, logistics, investment, financial, banking cooperation, despite the unprecedented pressure that Russia is experiencing," Novak told reporters in the Iranian capital Tehran, on the sidelines of his meeting with the co-chairman of the Russian-Iranian intergovernmental commission.

The official pointed out that trade between the two countries had risen "ten per cent during the first quarter of the current year."

They officials are reported to have discussed strengthening mutual ties in the energy and oil sectors.

In 2021, trade between Moscow and Tehran increased 81 per cent, hitting $3.3 billion. Iranian President Ibrahim Raisi pledged to raise trade exchange between the two countries to $10 billion annually.