Russia and Iran sign eight documents on economic cooperation

Moscow and Tehran have signed eight documents on economic cooperation at a meeting of the Permanent Russian-Iranian Intergovernmental Commission on Trade-Economic Cooperation in Tehran, TASS reported.

The documents included a roadmap for trade and industrial cooperation between the two countries, a memorandum of understanding between Russia’s Gazprom and the National Iranian Gas Company, an agreement between the Russian Agency for Export Credit and Investment Insurance (EXIAR) and the Iranian banks Parsiyan and Pasargad, as well as two agreements which will provide loans to Iran to build thermal power plants and electrify the country’s railway system.

Russia’s Energy Minister, Alexander Novak, stated that Moscow has also agreed to provide Iran with two credits worth €2.2 billion.

"Today those two credit agreements will be signed - on heat and power plant construction and the electrification of railways," he said.

Novak also noted that trade between Russia and Iran increased by 80% in 2016.

  Russia, Iran, cooperation