TEHRAN- Iran and Russia signed the MOU of their 18th joint economic committee meeting at the end of the meeting in Moscow on Friday.

In a press conference on Friday, after the 18th meeting of Iran-Russia Joint Economic Committee, Iranian oil minister explaining the most important achievements of the meeting, and said: "The agreements reached have outlined the framework for long-term cooperation between the two countries, and the Ministry of Oil will seriously pursue the practical implementation of these agreements."

He said that the meeting was held with the participation of specialized committees in the fields of trade, economy, finance, banking, transportation, customs, industry, mining, energy, health, agriculture, tourism, and technology, and the final memorandum of understanding of this meeting was signed by both sides.

Thanking the Russian side for hosting, he stated: "The decisions of the past months within the framework of specialized committees and the documents signed at this meeting have provided a suitable platform for the development of bilateral economic cooperation, especially in the new international conditions."

Referring to the areas of focus for both parties, the minister of oil stated: “Developing cooperation in the upstream oil and gas sector and pursuing memorandums of understanding with Gazprom, establishing a gas hub in Iran, gas trade, cooperation in the petrochemical value chain, and oil product swaps were among the key issues discussed at the meeting.”

Paknejad referred to strategic cooperation in the field of nuclear energy and said that joint projects in the field of peaceful use of nuclear energy were also among the agreed issues.

He added that the activation of the North-South International Corridor, with emphasis on completing the Rasht-Astara railway as the missing link of this transit route, has been put on the agenda.

The official also emphasized the expansion of banking cooperation and said: "Creating sustainable banking platforms to facilitate trade and investment, harmonizing standards with the aim of developing bilateral trade, strengthening trade centers, and developing cooperation in the fields of agriculture, health, and customs were among other topics discussed at the summit."

According to the Iranian Oil Ministry, Kazem Jalali, Iran’s ambassador to Russia, told Iranian delegates at the 18th Iran-Russia Joint Economic Committee meeting in Moscow that relations between the two countries are expanding and entering what he described as a "golden era" of cooperation.

He said Tehran and Moscow are determined to deepen bilateral ties across several sectors, including the International North–South Transit Corridor (INSTC), transit projects, and gas transfers. He stressed the need to strengthen trade and complete joint initiatives to enhance Iran's international standing and security.

Jalali highlighted the recent approval of the Iran-Russia Comprehensive Strategic Partnership Treaty by Russia’s Federation Council and State Duma, noting that both countries need each other in different areas. “We must take concrete steps based on a clear understanding of these mutual needs,” he said.

He added that Russia is actively seeking new routes for exports beyond the Black Sea and has allocated $10 billion to develop the INSTC—a clear sign of its commitment to activating northern transit routes. According to Jalali, around 3.7 million tons of cargo moved through this corridor in 2022, increasing to approximately 33 million tons in 2023.

Referring to a statement by President Vladimir Putin that opening new transit routes is a strategic imperative beyond cost-benefit considerations, Jalali said Russia is determined to operationalize the INSTC—and Iran should seize the opportunity.

He explained that the corridor includes three branches, of which the eastern route is already operational. In 2023, 600,000 tons of cargo were transported via this route, rising to 1.8 million tons in 2024, just shy of the two-million-ton target. For early 2025, the goal is three million tons, while the route’s total capacity is 15 million tons.

Jalali emphasized that while the INSTC is a strategic necessity for Russia, it is a valuable opportunity for Iran. “With trial operations already underway, and once the route is connected to Europe, Iran could emerge as the world’s second Suez Canal—or even its most vital transit route,” he said. “Completing the corridor through Iranian territory will also enhance our national security on the global stage.”

Also, Ali Mohammad Mousavi, Deputy Oil Minister for International and Commercial Affairs, described the Iran-Russia Joint Economic Committee as a clear reflection of both governments' political will to expand collaboration and achieve shared success.

He noted that the Iranian delegation’s strong presence at the Moscow summit signals Tehran's serious commitment to strengthening ties, especially after the signing and ratification of the strategic partnership agreement.

Mousavi referenced coordination meetings held in Tehran with Oil Minister Mohsen Paknejad and said that during his recent talks in Moscow with his Russian counterpart, both sides reached consensus on key issues and emphasized the importance of positive outcomes from the commission.

“This committee is an important platform to record achievements and negotiate year-round,” Mousavi said. “Iran and Russia must remain strategic partners, and this joint body symbolizes our shared determination to expand cooperation.”

Expert-level talks at the 18th Iran-Russia Joint Economic Committee meeting began on Wednesday, April 23, at Russia’s Energy Agency in Moscow. On Thursday, delegations prepared multiple cooperation documents for signature by Minister Paknejad and Russian Energy Minister Sergey Tsivilev.

Meanwhile, on the sidelines of the visit to Moscow, Paknejad met with Russian Deputy Prime Minister Alexander Novak on Thursday evening.

The meeting was also attended by Ambassador Jalali, Russian Ambassador to Tehran Alexey Dedov, and senior members of both countries’ economic teams. The two sides discussed implementation of the long-term strategic treaty, as well as joint energy, transport, and trade projects.

Paknejad noted that the treaty, signed by the presidents of both nations, has already been approved by both chambers of Russia’s parliament and is currently under review by Iran’s parliament.

He described the agreement as a foundation for more constructive engagement and said it adds significant weight to bilateral economic cooperation. “There is vast potential for collaboration between Iran and Russia, and we have only activated a small part of it,” he said.

Paknejad stressed that the 18th joint commission meeting in Moscow is crucial for opening new pathways of cooperation. “This summit is a chance to overcome challenges and implement structural reforms so our ties can reach a level that both sides desire.”

Deputy Prime Minister Novak, at the beginning of the meeting, highlighted Iranian President Masoud Pezeshkian’s recent visit to Moscow, calling the January 17, 2025 trip a “historic milestone” marked by the signing of the comprehensive strategic partnership agreement.

Novak said Iran and Russia’s economic exchanges are on a strong upward trajectory, particularly in infrastructure projects related to energy and transport.

He noted that trade between the two countries grew by approximately 13 percent in 2024, signaling strong momentum. “This demonstrates the high potential of Iran-Russia trade, and we aim to further accelerate this growth,” he said.

MA