Russian Firms Invest $2.7 Billion In Iran’s Oil Industry


Russian firms has invested 2.7 bln in Iran’s oil industry, the chairman of Iran-Russia Chamber of Commerce said. 

Hadi Tizhoush Taban made the comment on Friday and emphasized that use of national currencies of the two countries of Iran and Russia in rials and ruble has thus far increased by 60 percent using the removal of US dollar in bilateral transactions.

Regarding the development of trade and economic activities between Iran and Russia, he said, “Following the visit of Iranian President Ebrahim Raisi to the Russian Federation, the two countries agreed to reach value of bilateral trade exchanges up to $10 billion.”

For this purpose, Governor of Central Bank of Iran (CBI) Mohammadreza Farzin and chairman of Iranian Parliament’s Economic Commission traveled to Russia with the aim of expanding economic, monetary and banking ties between the two countries, Tizhoush Taban told IRNA.

Elsewhere in his remarks, the chairman pointed to Iran-Russia Business Forum and added, “In this line, the Forum was held with the participation of 120-member economic delegation from Russia and economic activists of Iran to broaden bilateral ties in economic sphere.”

The development of trade ties between the two countries requires provision of facilities in at least three land, sea, rail and air transportation fields, he stressed.

In this regard, Iran and Russia launched a settlement system using their own currencies, he said, adding that Iran and Russia have taken giant strides to sideline US dollar from bilateral trade exchanges.

Tasnim News Agency

Tasnim News Agency, which claims to be a private news agency in Iran but is reported be close to the IRGC, was launched in 2012. Its purpose is to cover a variety of political, social, economic and international subjects along with other fields.

Leave a Reply

Your email address will not be published. Required fields are marked *