Current economic conditions, including Western sanctions against Moscow have piqued the interest of Russian companies in the Iranian market, with many seeking the expansion of Russian-Iranian cooperation, Russian Deputy Prime Minister Alexander Novak said on Wednesday
TEHRAN (Pakistan Point News / Sputnik - 25th May, 2022) Current economic conditions, including Western sanctions against Moscow have piqued the interest of Russian companies in the Iranian market, with many seeking the expansion of Russian-Iranian cooperation, Russian Deputy Prime Minister Alexander Novak said on Wednesday.
"Russian companies are seriously interested in developing relations with Iranian partners... Some of them have long been working in the Iranian market, some are actively looking for Iranian partners and, certainly, special conditions are emerging today, allowing us to ensure a serious expansion of cooperation between our countries and add to those major projects that are already being implemented here," Novak said during his visit to Iran.
The Russian deputy prime minister cited the construction of the Busher nuclear power plant and Sirik power station as examples of joint projects and said that the two countries are increasing trade, economic, logistics, investment, financial and banking cooperation despite Western sanctions against Moscow.
"Russia is interested in creating an international North-South transport corridor. We believe that its successful implementation will give a powerful impetus to the development of trade in the Caspian Basin and the Persian Gulf. This is a landmark project that could become a key to the development of our trade and economic cooperation," Novak said.
The Russian deputy prime minister also noted that in 2021, the trade turnover between Russia and Iran had increased by 81%, reaching a record high of $4 billion in recent years. In addition, in the first quarter of 2022, the bilateral trade turnover grew by 10%.
According to Novak, Russia is creating comfortable conditions for doing business in the country and for trading with international partners. In particular, Moscow has set itself on a course to remove restrictions on imports.
"Along with the Eurasian Economic Union partners, around 15% of Russian imports have already been exempt from import duties and this may become one of... measures stimulating the development of trade and economic relations, cooperation and imports from Iran," the Russian deputy prime minister said, adding that the establishment of trade in national currencies is of particular importance.
In March, Owji confirmed Tehran's readiness to further develop interaction with Moscow in the oil and gas industries despite Western sanctions imposed on the country over its special military operation in Ukraine.