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Iran, Russia endorse investment agreements

Russia’s Minister on Energy Alexander Novak announced that Iran and Russia have signed into several investment contracts in recent days.

Iran, Russia endorse investment agreements
(Thursday, December 15, 2016) 16:47

Addressing Iran-Russia Business Forum in Tehran, the Russian official referred to inking of investment deals between economy ministries of the two countries saying “tariffs on certain export commodities have been cut down and a customs green corridor has been launched.”

He further pointed to the accord on facilitating visa issuance between the two sides asserting that both sides sought to resolve legal and banking issues as a means of boosting bilateral trade ties.

On replacement of dollar with national currencies of Iran and Russia, Novak said central banks and monetary institutions of the two countries have paved the path in this regard and money transfer is being performed.

Russian energy minister recalled that 10 major banks of Iran and Russia had embarked on the project as well as that a team was put in charge of tackling existing banking difficulties.

He further maintained that Memoranda of Understanding (MoUs) on large-scale projects were inked last year details of which are being discussed; “economy ministers of both countries are also planning to allocate a 2.5-billion-dollar credit to proposals.”

The visiting official said one contract pertained to construction of Boushehr Power Plant and electrification of Iranian railways; “negotiations are also underway on sales of Sukhoi Superjet 100 (SSJ100) aircraft to Iran.”

The Russian energy minister, while pointing to age-old energy ties between Tehran and Moscow over construction of power and nuclear plant, said companies of both sides have also agreed on development of oil and gas field following the removal of international sanctions.

He expressed hope that recent measures would trigger further economic activities concluding that the talks also dealt with inking a free trade agreement with Eurasian Economic Union for which necessary steps have been taken and a free trade zone will be created.

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