Iran-Russia Annual Trade to Hit $40b in 18 Months
Iran-Russia Annual Trade to Hit $40b in 18 Months
Oil Minister Javad Owji said on Tuesday that the volume of annual trade between Iran and Russia will hit $40 billion within the next one year and a half.

TEHRAN (Iran News) – Oil Minister Javad Owji said on Tuesday that the volume of annual trade between Iran and Russia will hit $40 billion within the next one year and a half.

Owji made the remarks on the occasion of Russia’s National Day.

The minister also said that banking projects due to be implemented by Russia, China and Iran will put an end to the dominance of dollar in the near future.

Noting that Iran and Russia are two main suppliers of oil and gas in the world, he said that playing with these two countries would be a major threat to the world energy security.

Europe’s reliance on energy is not a game and cannot be easily compensated, Owji said, adding that the game that the U.S. has begun is not to the benefit of other countries.

The game has been experienced before in other countries, he stressed.

Owji also warned that sanctions against Iran and the Russian Federation will backfire on the sanctioning countries, adding that the bans will have come with grave consequences for energy security.

He addressed the participants at the beginning of the ceremony. He congratulated the Russian government, nation, and ambassador to Tehran Levan Dzhagaryan on the occasion.

The Iranian minister said his ministry which is in charge of the country’s joint economic commission not only tries to develop strategic cooperation in the field of energy between Iran and Russia but also supports boosting cooperation between other different Iranian and Russian ministries and organizations.

Owji added that Iran and Russia’s cooperation not only will lay the ground for the growth of the countries but also for the growth of the regional countries. He gave North-South Transport Corridor as an example that can create a powerful trade network between countries of South Asia, Iran, Caucuses, Russia and Europe.

He also said connecting two countries’ banking systems and using local currencies for trade in cooperation with China and some other powerful countries will end the U.S. dollar hegemony in the future.

The minister noted that the two given examples show the great capacities that Iran and Russia and other friendly countries have to affect the international atmosphere and the balance of power, adding, Iran and Russia as two key players in the field of energy can play a major role in world energy security.


Iranian minister warned and said, “Let me be clear. Playing with the security of these two important international players (Iran and Russia) will have dangerous consequences for international security and particularly for world energy security.”

Referring to the increase in energy prices in Europe and the heavy reliance of the European countries on Russian and Middle East energy, the Iranian minister advised European countries not to side with the U.S.

Criticizing the U.S. and the Western unjust sanctions against other nations, he said sanctions are like a double-edged sword that can harm the state that resorts to them against other nations.

Then the Russian ambassador, for his part, expressed his appreciation to the Iranian government for its fair stance regarding the developments in Ukraine.

Levan Dzhagaryan said in fact, that the ongoing war in Ukraine is the west’s proxy war against Russia, adding that the 5 determined goals of Russia’s special operation in Ukraine will be achieved soon.

He further noted that “we won’t let them create problems for Russia and to this end, we will use all we have at our disposal.”

The Russian ambassador further said that the Americans have engaged in the war in Ukraine to deflect attention from their disgraceful defeat in Afghanistan.