Russia, Iran discuss financing projects in transport infrastructure, oil and gas sector

MOSCOW. July 8 (Interfax) - Russian Deputy Prime Minister Alexander Novak and the governor of Iran's Central Bank, Ali Salehabadi held a meeting at which they discussed cooperation between their two countries in the areas of finance, banking and investment, the Russian government's website reported.

Specifically, they discussed increasing the use of national currencies in mutual settlements, joint work on financial messaging systems, as well as financing promising investment projects in transport infrastructure and the oil and gas sectors, including petrochemicals and refining.

"Our countries' leaders have set a goal to further promote cooperation. Our companies are interested in intensifying trade, so the development of cooperation in the financial and banking sector is among our priorities," Novak said.

Salehabadi said that increasing the use of national currencies in mutual transactions can become a key tool in stepping up investment cooperation.

"The use of global currencies like the US dollar is not only an economic tool but also a political tool. Those who oppose the US's unilateral actions end up being sanctioned," Salehabadi said.

The trade turnover between Russia and Iran has grown 31% this year after surging 81% in 2021, the statement said.