Tehran and Moscow intend to increase the volume of their annual trade exchanges to $10 billion , iranian President Hassan Rouhani said on March 29, 2017.
Russia was one of the countries, coupled with other 5 ones, which played a consequential role in finalizing the 2015 international nuclear deal which removed economic sanctions against Tehran in exchange for it scaling down its nuclear program.
The 2 Presidents also insisted in the statement that all parties involved in the nuclear deal between Tehran and 6 world powers should comply with their obligations under the agreement on the Iranian nuclear program, also known as the Joint Comprehensive Plan of Action.
Russia and Iran, supportive of the idea of converting the Middle East into a nuclear-free region, confirmed that the resolution on the Middle East, adopted at the 1995 NPT Review and Extension Conference, will stay in effect until its aims have been achieved, the statement said.
Putin and Rouhani welcomed the agreements of the OPEC member states and other oil producing countries which favours balancing supply and demand in the oil market in an acceptable price range, as well as maintaining the investment attractiveness of the oil industry. Russia and Iran will continue to cooperate in this area in order to stabilize the global energy market and ensure sustainable economic growth, the statement read.
During the visit Iran's National Iranian Oil Company (NIOC) and Russia's energy giant, Gazprom, signed a memorandum on gas cooperation. NIOC also signed another deal with the Russian exploration company Rosgeologia.
Putin has hailed Iran as Russia’s most reliable and stable partner.
Pointing to a 70-% percent jump in trade volume between Iran and Russia in 2016 in comparison with the same time expansion last year, Putin noted that the achievement is unprecedented.