Latest news with #MohsenPaknejad
Straits Times
15-05-2025
- Business
- Straits Times
Russian-backed union free trade deal with Iran goes into effect
MOSCOW - The Russian-led Eurasian Economic Union (EEU) free trade deal with Iran went into effect on Thursday, paving the way for increased trade across sectors ranging from agriculture to metals, a senior Russian official was quoted as saying. The EEU also includes Kazakhstan, Belarus, Armenia, and Kyrgyzstan, but Russia is by far the largest economy in the union. Russia and Iran have grown closer in recent years and trade between the two countries, both heavily sanctioned by the West, grew by 16% to $4.8 billion last year. Moscow and Tehran signed a 20-year strategic partnership agreement in January, the two countries have supplied each other with weapons, and Russia has defended what it says is Tehran's right to peaceful nuclear energy. "Over the past decades, Iran has protected its market by encouraging the development of its own competencies within the country, and for the first time in its history, has opened its market to goods from third countries," Deputy Prime Minister Alexei Overchuk told Russian news agencies. He estimated that the average tariff applied by Iran to Russian goods under the deal will fall to 5.2% from the current 16.7%, saving Russian exporters about $300 million a year. Iran's Oil Minister Mohsen Paknejad, who visited Moscow in April, stated that the free trade deal will increase bilateral trade to $6 billion. Iran was the third-largest buyer of Russian wheat in 2024. Overchuk said that Russian exporters of rolled products, metal structures, pipes, paper, radar equipment, grains, sunflower, soybean, and rapeseed oils, as well as sunflower seeds, are set to receive the most benefits from the deal. The Kremlin said on Wednesday that Russian President Vladimir Putin has an invitation to visit Iran, but the dates have not yet been agreed. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
15-05-2025
- Business
- Yahoo
Russian-backed union free trade deal with Iran goes into effect
MOSCOW (Reuters) -The Russian-led Eurasian Economic Union (EEU) free trade deal with Iran went into effect on Thursday, paving the way for increased trade across sectors ranging from agriculture to metals, a senior Russian official was quoted as saying. The EEU also includes Kazakhstan, Belarus, Armenia, and Kyrgyzstan, but Russia is by far the largest economy in the union. Russia and Iran have grown closer in recent years and trade between the two countries, both heavily sanctioned by the West, grew by 16% to $4.8 billion last year. Moscow and Tehran signed a 20-year strategic partnership agreement in January, the two countries have supplied each other with weapons, and Russia has defended what it says is Tehran's right to peaceful nuclear energy. "Over the past decades, Iran has protected its market by encouraging the development of its own competencies within the country, and for the first time in its history, has opened its market to goods from third countries," Deputy Prime Minister Alexei Overchuk told Russian news agencies. He estimated that the average tariff applied by Iran to Russian goods under the deal will fall to 5.2% from the current 16.7%, saving Russian exporters about $300 million a year. Iran's Oil Minister Mohsen Paknejad, who visited Moscow in April, stated that the free trade deal will increase bilateral trade to $6 billion. Iran was the third-largest buyer of Russian wheat in 2024. Overchuk said that Russian exporters of rolled products, metal structures, pipes, paper, radar equipment, grains, sunflower, soybean, and rapeseed oils, as well as sunflower seeds, are set to receive the most benefits from the deal. The Kremlin said on Wednesday that Russian President Vladimir Putin has an invitation to visit Iran, but the dates have not yet been agreed.
Reuters
15-05-2025
- Business
- Reuters
Russian-backed union free trade deal with Iran goes into effect
MOSCOW, May 15 (Reuters) - The Russian-led Eurasian Economic Union (EEU) free trade deal with Iran went into effect on Thursday, paving the way for increased trade across sectors ranging from agriculture to metals, a senior Russian official was quoted as saying. The EEU also includes Kazakhstan, Belarus, Armenia, and Kyrgyzstan, but Russia is by far the largest economy in the union. Russia and Iran have grown closer in recent years and trade between the two countries, both heavily sanctioned by the West, grew by 16% to $4.8 billion last year. Moscow and Tehran signed a 20-year strategic partnership agreement in January, the two countries have supplied each other with weapons, and Russia has defended what it says is Tehran's right to peaceful nuclear energy. "Over the past decades, Iran has protected its market by encouraging the development of its own competencies within the country, and for the first time in its history, has opened its market to goods from third countries," Deputy Prime Minister Alexei Overchuk told Russian news agencies. He estimated that the average tariff applied by Iran to Russian goods under the deal will fall to 5.2% from the current 16.7%, saving Russian exporters about $300 million a year. Iran's Oil Minister Mohsen Paknejad, who visited Moscow in April, stated that the free trade deal will increase bilateral trade to $6 billion. Iran was the third-largest buyer of Russian wheat in 2024. Overchuk said that Russian exporters of rolled products, metal structures, pipes, paper, radar equipment, grains, sunflower, soybean, and rapeseed oils, as well as sunflower seeds, are set to receive the most benefits from the deal. The Kremlin said on Wednesday that Russian President Vladimir Putin has an invitation to visit Iran, but the dates have not yet been agreed.
Shafaq News
30-04-2025
- Business
- Shafaq News
Iraq, Iran ink oil cooperation deals
Shafaq News/ Iran and Iraq signed four cooperation documents in the oil and gas sector, Iranian Oil Minister Mohsen Paknejad announced on Wednesday. Paknejad told reporters that agreements were signed during his visit to Iraq two weeks ago. Two of the documents outline cooperation frameworks, including implementation and joint participation in associated gas collection projects in Maysan province and near the border, he revealed, adding that these projects had previously stalled due to a lack of raw materials, but could move forward if conditions allow. 'Another agreement covers joint offshore exploration in shared maritime areas, along with technical studies to develop Iran's Khorramshahr oil field, which is adjacent to Iraq's Sindibad field,' the Iranian minister pointed out. For his part, the Iraqi Oil Minister Hayan Abdul-Ghani confirmed the signing of the memoranda and agreements with Iran, emphasizing the importance of knowledge exchange and joint efforts to support the interests of both countries. Iraq is pursuing major gas investment projects aimed at achieving self-sufficiency in petroleum products, he continued. In a previous meeting in February 2024, Paknejad also met with Iraqi Electricity Minister Ziyad Ali Fadel, where the two sides reaffirmed their commitment to expanding cooperation in oil, gas, and electricity sectors.
Shafaq News
25-04-2025
- Business
- Shafaq News
Russia to fund new Iranian nuclear plant
Shafaq News/ Iran and Russia have agreed to build a new nuclear power plant in Iran with financing from a Russian-funded credit line, Iranian Oil Minister Mohsen Paknejad announced Friday after the 18th Joint Economic Cooperation Commission in Moscow. Paknejad said the project will include completing the second and third phases of the Bushehr nuclear power plant, emphasizing that Iran and Russia will continue cooperating on the peaceful use of nuclear energy. On trade, Russian Energy Minister Sergey Tsivilyov said bilateral trade rose 16.2% in 2024 to $4.8 billion. He added that both governments believe there is room for significantly higher trade volumes. Paknejad echoed that view, saying the full implementation of existing agreements could push trade from around $4 billion to $6 billion. Tsivilyov also announced that Tehran will host the commission's 19th session. The figures mark a recovery in trade ties after a decline in 2023. The two sides signed agreements to expand cooperation in the upstream oil and gas sectors, including field development and technology sharing. Paknejad said Tehran and Moscow are finalizing memoranda of understanding with Russian energy giant Gazprom, aiming to start by importing Russian gas into Iran. 'Only a few technical details remain before finalizing import volumes, with future plans for gas swaps and transits to other countries.' Paknejad added that Iran and Russia are also deepening their economic and strategic cooperation through regional organizations such as the Shanghai Cooperation Organization, BRICS, and OPEC+. The announcement follows Russia's ratification of a 20-year strategic partnership agreement with Iran, signed by Presidents Vladimir Putin and Masoud Pezeshkian in January. The pact outlines long-term collaboration in sectors including defense, energy, agriculture, finance, and technology.
