Iran’s Oil Minister Bijan Namdar Zanganeh speaking at a conference with tradesmen from Iran and Russia said "Right now the two countries’ trade volume is around $1.5 billion, which is not anything acceptable.”
"The 11th administration stresses strategic and economic relations with Russia,” he asserted, adding, "With agreements that have been made in the past few months, we are to expect a leap in the two countries’ economic and trade relations. With the emphases made by Hassan Rouhani and Vladimir Putin, it is expected that the two countries’ trade volume will increase to $15 billion a year.”
The Russian Minister of Energy Alexander Novak who was also attending the conference said that Iran and Russia have the ability to establish bilateral, and even multilateral, relations with other regional countries such as Iraq, Syria, and Afghanistan.
He urged more comprehensive cooperation in oil industry, electricity, nuclear energy, aviation, metallurgy, transportation, and telecommunication.
He noted that in the previous years, Western sanctions on Iran prevented the increase of trade between the two countries to a possible $10 billion annual volume.
Novak stated that new policies to facilitate banking transactions and currency transfer will expedite trade between the two countries.