Russia had made up two-thirds of the total foreign direct investment (FDI) of about $4.2 billion in Iran this financial year, according to Minister of Economic Affairs and Finance Ehsan Khandouzi.
The finance minister credited the country’s continued economic success to the help of Russia, its largest foreign investor this year at $2.76 billion.
“We define our relations with Russia as strategic and we are working together in many aspects, especially economic relations. China and Russia are our two main economic partners (and) Iran is going to expand its relations with them through implementing strategic agreements,” Khandouzi explained to the Financial Times.
The Iranian and Russian central banks signed an agreement in January to link their interbank communication systems to boost bilateral trade. Khandouzi said other countries were interested in using mechanisms such as mutual monetary agreements or trade-based swaps to carry out trade with Iran.
“We have negotiated not only with Russia but also with China and other partners, including Turkey, in this regard. Technically speaking, this financial network is in a better situation between Iran and Russia than others,” he added.