In 2016, the mutual trade turnover increased by 80 percent and amounted to over $2 billion, according to the head of the second Asian department of Russia’s Foreign Ministry. The two states are actively cooperating in energy, defense and agriculture spheres, among others.
"The growth of Iran's trade relations with Russia was the biggest last year in comparison with any other country… It seems to me that this trend will continue, and we will reach a considerable trade of $10 billion in the coming two or three years," Sanaei said at the round table organized by Rossiya Segodnya International Information Agency.
On Monday, Iranian Communications and Information Technology Minister Mahmoud Vaezi, also in charge of heading Iran-Russia’s Joint Commission for Cooperation, said that the road map toward the development of cooperation between Iran and Russia in the medium and long-term perspective may be signed during the upcoming visit of Iranian President Hassan Rouhani to Russia in late March.
According to Vaezi, Iran and Russia are seeking to develop relations in all spheres, including political, economic, cultural and diplomatic cooperation between the countries' regions.
Also On March 13, Sputnik announced that Russia and Iran had discussed contracts worth $10 billion. This was announced by the Russian Minister of Energy Alexander Novak after a meeting with Iranian Minister of Information and Communications Technology Mahmoud Vaezi.
According to Novak, the countries are expected to sign more than 10 contracts in the fields of construction and railway electrification.
"Two draft agreements are ready to be signed — these are the contracts of Zarubezhneft and Rosgeology. These contracts will be signed during the visit of Iranian President Hassan Rouhani to Russia. Now we are working on them," Alexander Novak stated.
On Tuesday, Iranian Ambassador to Russia Mehdi Sanaei also expressed hope for the creation of a free trade area between Iran and the Eurasian Economic Union (EAEU), which would bolster Russia-Iran economic relations.
Moscow and Tehran held talks on the establishment of the free trade area between the EAEU and Iran in February. After the negotiations, members of the EAEU prime ministerial council signed a directive ordering preparations for a temporary agreement on the establishment of the EAEU-Iran free trade zone.