CBI chief: Tehran & Moscow agree to expand financial cooperation

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Mokhber made the remarks during a meeting with the Russian president’s special envoy Igor Levitin. In the meeting, the first-vice president expressed satisfaction with the deepening of relations between the two countries and the recent trips of the delegations.

He said negotiations conducted during the recent visits by the governor of the Russian Central Bank and the Russian transport minister to Iran were positive. “Positive steps have been taken to remove banking barriers and develop transit lines,” he continued, according to IRIB News.

The first-vice president emphasized the need to follow up and implement the agreements between Tehran and Moscow as soon as possible.

“The existing problems in the construction of power plants, the implementation of the joint energy cooperation agreement and the development of oil fields should be removed with orders and diligent follow-ups. The implementation of joint plans and mutual agreements should be accelerated,” Mokhber suggested.

He also noted the necessity of developing cooperation between Iran and Russia in various fields, especially in industrial, energy, commercial and scientific areas.

“To use all transportation and transit capacities, we must try to develop our ports and put mixed and multimodal transportation on our agenda. In this regard, it is necessary to speed up the establishment of a joint shipping company and also to develop cooperation in the air sector,” the Iranian official continued.

Underlining the importance of the North-South corridor, Mokhber said, “Russian companies should use the opportunity to invest in the Makran coast and implement port infrastructure projects and logistics centers in the North-South corridor. Considering the reception and follow-up of some neighboring countries and extra-regional countries, the speed of decision-making is of fundamental importance.”

In the meeting, the Russian official expressed his gratitude and satisfaction with the progress of the implementation of plans and contracts between Tehran and Moscow. “The Russian government has made every effort to remove the obstacles and implement the agreements between the two countries as quickly as possible,” he said.

Levitin added, “The deepening and development of cooperation in the last two years shows the will and closeness of the two nation-states. We are determined that transit, energy, medical and scientific memorandums and agreements will be fully finalized and operational.

It should be noted that this meeting was the sixth of its kind between Levitin and Mokhber over the last nine months.

An agreement for the construction of Iran’s Rasht-Astara railway was signed in May between the Islamic Republic of Iran and Russia in a ceremony attended by the presidents of the two countries via video conference.

The agreement was signed with the aim of completing the International North-South Transit Corridor (INSTC). The Russian Federation will invest 1.6 billion euros in this railway route.

Back in January, Iranian Transport and Urban Development Minister Mehrdad Bazrpash met with the Russian president’s special envoy Igor Levitin to review the progress in railway cooperation between the two countries and stressed accelerating the development of INSTC.

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Referring to the development Iran-Russia relations, Hadi Tizhoush Taban said that after the start of regional conflicts with Ukraine, the Russian Confederation was sanctioned by Western countries, exactly like Iran, which resulted in interest in cooperation between the two countries.

During the Iranian President’s visit to Russia, the two countries agreed to increase the volume of trade exchanges to $10 billion, and Governor of the Central Bank of Iran (CBI) and the head of the Economic Commission of the Iranian Parliament visited Russia to expand economic, monetary and banking relations between the two countries, he added.

Tizhoush Taban stated that during the visit, the CBI Governor met and discussed with the deputy prime minister of Russia, the minister of economic development and the head of the central bank of the country, and discussed various issues, including the development of monetary and banking cooperation, solutions to remove some obstacles and expansion of investment.

The Head of Iran-Russia Joint Chamber of Commerce in his remarks added that this process not only bypasses the western sanctions, but also solves issues related to beneficial bilateral cooperation and increasing trade, which according to official statistics is now more than 40% of trade between the two countries in rubles.

He emphasized that Russia has become the largest foreign investor in Iran, having invested $2.7 billion in two Iranian oil projects, and this is about 45 percent of the total foreign investment in Iran from October 2021 to January 2023.

Tizhoush Taban further said that the Russian projects in Iran are multifaceted and include energy, railways, automobile manufacturing, and agriculture, and in parallel, Iran supplies Russia with food and automobile products.

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Speaking to ILNA, Kambiz Mirkarimi pointed to the banking relation between Iran and Russia and said that inauguration of Russian bank office in Iran indeed facilitates offering services of Russia to Iranian traders and companies can comfortably get acquainted with the services that Russian banking system offers to its customers.

He then termed Bank Melli Iran as the active branch and said that the bank buys the forex of exporters and it has brokerage relation with all Russian banks and currently Iranian companies have no problem in working with Russia.

Mirkarimi went on to say that currently the trade exchanges between Tehran and Moscow are done in rouble, adding that rouble is approved by Iranian businessmen and it has reached to a relative stability and it has the least cost for both sides.

He went on to say that the free trade agreement between Iran and EAEU is the most important trade agreement and it has led to a leap in Iran’s exports and it is predicted that by the yearend, the 96 to 97% trade tariffs would be zeroed but before it, some technical problems which have affected bilateral trade should be resolved.

On the inauguration of trade office in Russia, he said that infrastructures for trade between the two countries have been prepared but Iranian and Russian companies are unaware about their capabilities and therefore Iran Trade Promotion Organization should offer some services to traders and the launch of the trade office in Russia can give better services to Russian and Iranian traders.

He noted that banking problems to some extent have been resolved between Iran and Russia and urged Iranian companies to show more interests for trade with Russia especially in trade of Russian grain and wheat.

Mirkarimi avoided touching upon the agreements on energy between Tehran and Moscow and said that oil exports should express their views because they know the details of the agreements. He reiterated that the trade between Iran and Russia is the leap phase and government should increase its investment for broadening trade infrastructures.

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“We are implementing projects to develop oil fields in Iran and have outlined new projects, where I expect progress soon,” he said.

The Iranian minister, in turn, said the Russian and Iranian delegations had spent several hours at the negotiating table. Among other participants was Deputy Chairman of Gazprom Management Committee Vitaly Markelov.

According to Owji, the delegations discussed issues related to oil and gas.

“I am pleased to announce that major Russian companies have already arrived in Iran, came to terms with Iranian companies, and contracts are already being fulfilled,” he said, expressing hope that more contracts will follow in the future.

The sides also discussed the construction of nuclear power plants in Iran and other electrical power generation matters, Owji added.

The two countries’ delegations exchanged views on bilateral cooperation in the oil, gas, petrochemical, electricity, and nuclear energy fields.

Their discussions also revolved around following up previous memorandums of understanding and overcoming obstacles in the path of implementing the MoUs.

The Russian side was scheduled to complete studies on Iran’s oil fields soon and offer its assessment.

Iran and Russia’s gas experts explored all avenues and agreed to hold more talks on their cooperation.

According to the Iranian officials, Tehran and Moscow will sign deals later.

The delegations also talked about previous projects in the electricity sector.

According to an agreement, Russia has allocated a credit line for the construction of Sirik Power Plant in Iran.

It is a 1,400-megawatt gas-fired power plant in southern province of Hormuzgan.

The project of synchronizing Iran-Russia-Azerbaijan power grids was discussed.

Iran and Russia also exchanged views on financial issues of phases 2 and 3 of Iran’s nuclear power plant is southern province of Bushehr.

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Russian President’s Special Aide Igor Levitin, who is on a two-day visit to Tehran, met with the secretary of Iran’s Supreme National Security Council (SNSC), Ali Shamkhani on Sunday.

During the meeting, the two sides discussed implementing agreements between the two countries in various economic and banking fields, especially speeding up the start of the implementation of the North-South Corridor.

Shamkhani expressed his satisfaction with the volume of economic cooperation between Russia and Iran.

The path that started to reduce the influence of the dollar in regional and international economic exchanges will limit the dominance of the West over the world economy to the minimum, he said.

He also described the finalized initiatives in the field of monetary and banking transactions as an effective model in the field of thwarting the West’s illegal sanctions.

Referring to the joint efforts of Iran and Russia in the implementation of the project of the North-South corridor, he said that the corridor has a decisive role in changing the geometry of goods transit in the region.

Levitin, for his part, expressed Moscow’s readiness to invest in different economic sectors of Iran,including steel, oil, and petrochemicals.

Meanwhile on Saturday evening, Iran’s first vice president said that Iran and Russia can become the export center of some food items in the region with joint production and investment.

Mohammad Mokhbar made the remarks during a meeting with Levitin who was on a two-day visit to the Iranian capital of Tehran.

The two sides reviewed the latest state of joint projects and cooperation between the two countries in the framework of the North-South corridor, cooperation in the field of energy, transportation and expansion of bilateral trade relations.

Referring to the increase in the exchanges of political and economic delegations between Tehran and Moscow, the Iranian vice president said, “Fortunately, the implementation of the joint plans and projects between the two countries is in good progress and the serious and continuous follow-up of the presidents of the two countries has also laid the necessary ground for removing barriers to and speeding up the process of implementing agreements.”

“Iran and Russia can become the export center of some food items in the region with joint production and investment and meet some of the needs of the countries in the region”, Mokhber added.

Levitin, for his part, announced Moscow’s readiness to invest in the transit sector and to accelerate the implementation of joint plans and projects in the field of transportation.

“Russia is ready to conclude bilateral and multilateral cooperation agreements with Iran to construct these projects”, Levitin pointed out.

Back in January, Levitin paid a visit to Tehran and the most important achievement of that trip was reaching an agreement between Iran and Russia for the construction of the Rasht-Astara railway mega project.

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The third meeting of the Iran-Russia Joint High Parliamentary Commission is being held when both sides have reached a common understanding of sensitivities and cooperation, Qalibaf told in a meeting with the Chairman of the State Duma of the Russian Federation Vyacheslav Volodin.

He also expressed hope that in 2023, relations and strategic cooperation between the Iranian and Russian parliaments will be developed in the political and economic fields.

Iranian and Russian officials know that the countries are standing at an important point in bilateral and multilateral relations as well as national and regional issues.

Stressing that the strategic agreement between Iran and Russia must be taken into consideration, he said, “We must implement the 25-year Iran-Russia cooperation document as soon as possible.”

Volodin, for his part,  said, “The relations between Iran and Russia are on the positive track and the leaders of the two countries also enjoy good bilateral relations.”

25-year Iran-Russia cooperation document is a strategic agreement that will pave the way for the development of cooperation in all fields, according to him.

“Iran and Russia have been facing sanctions and challenges for a long time, and these threats do not hinder the development of our relations,” he also said, criticizing maintaining the hegemony of the United States in the world as the main goal of sanctions.

The two sides must use all efforts to create a new architecture for the world and it depends on the will of the two countries, he said.

Iran and Russia definitely support the concept of global multipolar architecture, he noted.

Following their meeting, the Iranian parliament speaker and his Russian counterpart attended a joint press conference.

“Iran and Russia enjoy close economic, social, cultural, and political relations and these require us to make the most of these opportunities,” Qalibaf said in this presser.

“In addition to opportunities, there are also threats that the cruel sanctions of the United States are the most important ones in our communications,” he further noted.

Qalibaf also said that banking and monetary cooperation, including the activation of Iranian and Russian banks in both countries, was one of the important issues discussed in the meeting.

According to him, the other important issue discussed today was the investments in the field of oil and gas.

The Chairman of the State Duma also told reporters that the sanctions imposed by the United States against Iran and Russia will make the two countries united.

The relations between Iran and Russia have really developed, and the implementation of the cooperation agreement will deepen the relations between the two countries.

Volodin arrived in Tehran on Sunday evening for a state visit.

The Iranian deputy parliament speaker Ali Nikzad welcomed Volodin and his accompanying delegation at the Mehrabad airport in the Iranian capital.

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TCCIMA Head Masoud Khansari and the Russian envoy, Alexey Dedov, also emphasized the expansion of economic relations between the two countries and the strengthening of the cooperation between the Russian Embassy and the Tehran Chamber to facilitate business relations between the private sector companies of Iran and Russia.

The Russian ambassador pointed out the history and forward-looking activity of the Tehran Chamber in the development of Iran’s trade relations with other countries, including Russia, and by stating that the level of trade relations between the two countries has reached more than 4 billion dollars, with a significant leap compared to last year, he mentioned the measures and economic policies of the Russian government in line with the expansion of relations with Iran, and in this regard, he announced the planning of the Russian government to create a sea corridor from the Russian port in the Baltic Sea to Bandar Abbas in the south of Iran.

Emphasizing the importance of expanding the economic relations between the enterprises of the two countries, the envoy stated that the cooperation and consensus of the Russian Embassy with the Tehran Chamber in the direction of advancing the relations between the private sectors of Iran and Russia and unraveling the existing obstacles and problems will develop in the coming period.

In this meeting, the TCCIMA head referred to the reception of 12 trade delegations from the Russian Federation in the Tehran Chamber in the last few months and the sending of various trade delegations to some provinces of Russia, and clarified that with the exchange of the trade delegations, the knowledge and awareness of the enterprises of the two countries from each other will increase, and in this way, the capacity of economic cooperation will be identified and exploited by enterprises.

Khansari, in this regard, announced the readiness of the TCCIMA to develop relations between this chamber and the Russian Embassy in Tehran and to use the tools and facilities of both sides with the aim of facilitating trade and economic relations between Iran and Russia and emphasized taking measures to launch the North-South Corridor and the proper use of existing capacities to facilitate the transit of goods between the two countries.

Iranian capital Tehran hosted a grand Iran-Russia business forum at Espinas Palace Hotel on November 15 in which the Iranian and Russian traders and officials exchanged views on the expansion of economic cooperation.

Organized by the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA), the event was participated by the 120-member Russian delegation as well as businesspeople and officials from Iran.

Iran and Russia traded as much as $4.63 billion worth of commodities over the past Iranian calendar year (ended on March 20), according to an April report by the Islamic Republic of Iran Customs Administration (IRICA).

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