Iran’s Minister of Petroleum Javad Owji said on Tuesday that the volume of annual trade between Iran and Russia will hit $40 billion within the next one year and a half.
Owji made the remarks on the occasion of Russia's National Day.
His comments comes while figures released by Iran Customs Administration (IRICA) suggest that Iran’s last year trade with Russia stood at $4.63 billion.
He had also said two weeks ago that Iran aims to level up trade with Russia to $40 billion but he had declined to propose a date for such an increase in trade between the two neighboring countries.
The minister also said that banking projects due to be implemented by Russia, China and Iran will put an end to the dominance of dollar in the near future.
Noting that Iran and Russia are two main suppliers of oil and gas in the world, he said that playing with these two countries would be a major threat to the world energy security.
Europe’s reliance on energy is not a game and cannot be easily compensated, Owji said, adding that the game that the US has begun is not to the benefit of other countries.
The game has been experienced before in other countries, he stressed.