Jan 23, 2022 06:38 UTC
  • Iran-Russia annual trade to hit $10 billion: MP

Iran and Russia have agreed to raise the annual bilateral trade to at least $10 billion, an Iranian lawmaker said.

According to Tasnim news agency, chairman of the Iran-Russia parliamentary friendship group said major agreements have been achieved during  President Seyyed Ebrahim Raeisi’s recent visit to Moscow.

Under the new agreements, the current volume of annual trade exchanges between Iran and Russia, which stands at $4 billion, will increase to at least $10 billion, Ebrahim Rezaee added.

He also noted that major Russian oil companies are planned to make investments in Iran’s oilfields according to the new agreements.

Pointing to plans for Iran’s membership in the Eurasian Economic Union (EEU), the lawmaker said, “If Iran has a share of at least 10 percent of $200 billion in Russia’s (annual) imports, a major development will take place in the economic sector (of Iran).”

After returning from a two-day visit to Russia, President Raeisi said the two states have achieved "fundamental agreements" on expanding all-out bilateral relations to ensure mutual interests.