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.
Iran Trade Center was inaugurated in the southern Russian city of Astrakhan on Wednesday.
Russia has taken the final step to grant a major loan to Iran for the development of a power plant in the country’s south thus moving close to a promise of providing the Islamic Republic with funds amounting to above €2 billion for infrastructure projects.