The special purpose channel was launched late January as part of the European Union efforts to help Iran enjoy the economic dividends of the nuclear deal that’s been jeoperdised by the US walkout last May.
India is eyeing a bigger role in Eurasia and Afghanistan and is looking at Iran to further increase its influence. Iran is the main route of the Interantional North South Transport Corridor (INSTC) that can help New Delhi achieve its goal.
The agreement comes in the face of renewed US sanctions on Iran that have targetted vital oil and and banking sectors.
Following the US abandoning of the 2015 nuclead deal and revival of economic sanctions, Tehran has been seen eager to look East and expand ties with other regional powers like Russia, China and India.
Russian Chamber of Commerce President Sergei Katyrin discussed mutual trade with Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) President Gholam Hossein Shafei.
Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia would be the new markets for Iranian goods after the Eurasian Economic Union gave the green light to the creation of a free trade zone with Iran.
Iran should make most of the current sanctions to look at its biggest northern neighbour, Russia, as well as Eurasia. This is the message that head of the Iranian private sector is trying to hammer home in meeting his Russian counterpart in Tehran.
Russia’s Foreign Minister Sergei Lavrov says the three major European signatories to a landmark nuclear deal with Iran agreed to establish trade ties with Iran independent of the US dollar.
Iran has proposed conducting a project with Russian Railways to electrify a 3,000-kilometer railroad that might cost up to €3 billion ($3.7 billion), the company’s First Deputy CEO Alexander Misharin said on Monday.
Iran says it expects a recent agreement with Russia over the creation of a credit line to fund Iranian projects to help promote trade between the two countries.