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Russia holding talks with Iran to increase trade based on energy cooperation

February 19, 2014, 12:03 UTC+3 MOSCOW

Trade volume with Iran is currently decreasing due to tightened US- and European sanctions regime

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Russian Energy Minister Alexander Novak

Russian Energy Minister Alexander Novak

© ITAR-TASS/Stanislav Krasilnikov

MOSCOW, February 19. /ITAR-TASS/. Russia is holding talks with Iran to increase trade volume based on energy cooperation, Russian Energy Minister Alexander Novak told Itar-Tass.

“Last year, the 10th session of the intergovernmental commission was held in Moscow. The parties discussed different variants to increase trade turnover and search for a financial scheme, which would allow our companies to supply products to Iran — metallurgy, machine-building and energy equipment,” Novak said.

“Both parties considered Russia’s participation in constructing power plants on the territory of Iran and developing deposits. We seek to increase trade turnover and expand the presence of our companies on the Iranian market,” the minister said.

“This will give a possibility to develop and restore our trade at the level before sanctions were imposed. Thus, this issue is pressing,” he said.

At present, trade volume with Iran is decreasing. In 2013, it was reduced by 31.5% and reached $1.59 billion. Russia’s export dropped by 38.6% and amounted to $1.16 billion. The decrease was conditioned by tightening economic sanctions against Iran that the United States and the European Union had imposed in mid-2012. The EU banned import and trade of Iranian oil and oil products.

According to Itar-Tass reports, Russia is holding talks with Iran to supply oil (20 million tonnes per year) to the Asia Pacific Region in exchange for goods.

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