Russia and Iran are rapidly increasing trade turnover. In the 8 months of 2022,the trade turnover between Iran and Russia increased by 36.4% to $3.3 billion, and is approaching $4 billion. In previous months, 2 agreements were signed of around in oil and gas 44 billion USD. The trade turnover of $4 billion will not be the limit, the Deputy Prime Minister Novak added. A meeting of the intergovernmental commission of the two countries was held in Grozny.
The co-chairman of the commission from Iran, Oil Minister Javad Oudji noted that in order to achieve the desired level of trade, the countries need to continue to develop cooperation in the field of oil, finance, customs, logistics, transit, including using the infrastructure of the international transport corridor “North – South”.
It should also be recalled that in total, the two countries hold more than 40% of the world’s natural gas reserves and 15% of oil reserves under their control.
Russia and Iran have agreed to sign a free trade agreement within the Eurasian Economic Union, Russian Deputy Prime Minister Alexander Novak said on Tuesday. Russia and Iran are also eyeing opportunities for joint projects, including in shipbuilding.
The news follows reports that Iran and Russia would continue to work out the details of their oil and gas supply swap, which is expected to be signed by the end of this year. The swap deal could involve 5 million tonnes of oil and 10 billion cubic meters of gas per year—at least in the first stage of the agreement. But Novak also said that the deliveries from Russia to Iran had already begun, and that they would now look to expanding the types of products covered by the agreement.
A deal with Iran regarding oil and gas shipments and shipbuilding projects would give Russia more latitude when it comes to shipping its sanctioned goods that would otherwise be subject to an outright ban or price caps. Russia is hoping to find more outlets for its oil and gas as the measures against it go into effect, Julianne Geiger writes for Oilprice.com Read More
TEHRAN, Nov. 01 (MNA) – Russia and Iran have agreed to sign a free trade agreement with the Eurasian Economic Union in the near future, Russian Deputy Prime Minister Alexander Novak said on Tuesday.
“We have also agreed to remove all barriers that exist today on the way of developing bilateral trade. And we are talking about reducing barriers at the borders with third countries. We have agreed to conclude an agreement on a free trade zone between Iran and the Eurasian Economic Union in the near future,” Novak said during a press conference, following the meeting of the Russia-Iran intergovernmental commission on trade and economic cooperation.
Besides, Novak added that Russia and Iran see opportunities for implementing joint projects, including in the field of machine and aircraft building.
“Russia and Iran see opportunities for joint projects in the field of shipbuilding, automobile and aviation construction, and there are already joint projects, agreements between Russian and Iranian companies on organizing the necessary joint ventures and supplying relevant components,” he said.
The minister went on to reveal that the two countries have already started swap deliveries of energy resources, in particular petroleum products, and have agreed to expand the list of supplied goods.
Novak said in October that Russia and Iran were working on the details for the implementation of swap oil and gas supplies. He expected that the swap agreement would be signed by the end of 2022, and could cover 5 million tonnes of oil and up to 10 billion cubic meters of gas per year at its first stage.
“Our deliveries of petroleum products have already begun, and we have agreed to expand the range of relevant products. This is also a promising area of our joint cooperation,” Novak told reporters.
The trade turnover between Russia and Iran increased by 36.4% to $3.3 billion in eight months, Novak said.
“According to the results of eight months of this year, the trade turnover [between Russia and Iran] increased by 36.4% and amounted to $ 3.3 billion,” Novak said during a meeting of the Russia-Iran intergovernmental commission on trade and economic cooperation.
Russian deputy prime minister said that he believes the trade turnover will soon amount to $4 billion, as it is growing at a record pace.