Gov’t To Revive Iran-Russia Bank

Tehran, Sept 21, IRNA - The Iranian government will revive an Iran-Russia bank to overcome banking restrictions impeding the transfer of revenues earned through agro exports to Moscow. Reza Nourani, the head of Iran Export Confederation, also said this was announced by Hassan Younes Sinaki, the vice president of agricultural Jihad minister. “Iran will also sign a number of agreements with Russia to remove quarantine obstacles,” he said. The Iran-Russia bank was dissolved after the victory of Islamic Revolution in 1979. Nourani stressed that Iran plans to begin direct export to Russia through Anzali Port in Gilan province. The port has recently been developed and its customs officials have announced that they are ready to provide round-the-clock customs services. The Turkish-language Dunya daily has reported that Russia plans to cut the tariffs of Iranian fruit and vegetable imports, which has worried Turkey. After the US and European Union imposed sanctions on Russia, the country has increased imports from Iran. In the recent visit of a Russian delegation to Iran, the two sides discussed export of Iranian agro products to Moscow. However, banking restrictions and lack of quarantine units are the main issues hindering expansion of bilateral transactions. On Friday, Iran’s Ambassador to Russia Mehdi Sanaie announced that Iran and Russia are planning to increase their trade transactions by 2015. Addressing a conference at Moscow’s Transportation University, Sanaie said Tehran and Moscow share many commonalities in the region and the international arena. Earlier this month, Iranian Oil Minister Bijan Namdar Zanganeh and Russian Energy Minister Alexander Novak signed a high-profile economic cooperation agreement in Tehran. During the meeting, Zanganeh and Novak underlined the need for further mutual cooperation in economic and energy fields. Zanganeh announced that trade exchanges between Tehran and Moscow stood at $5.1 billion in the year ending March 20, while the figure can grow tenfold in future. “The value of Iran-Russia trade exchanges, which hit $5.1 billion last year, can be increased by 10 times,” Zanganeh said, addressing the Iran-Russia Trade Conference in Tehran. Addressing Iranian businessmen, Zanganeh said Russia is a big market with high demand and rapid economic growth and Iran has many world-quality goods and services that can meet the increasing needs of that country.” Speaking in the same conference, Novak said Russia is willing to implement joint projects and ventures with Iran and boost bilateral trade value to $10 billion. “We will boost the level of the two neighboring countries’ trade transactions to $10 billion,” he said. The Russian energy minister stressed that the Iranian and Russian private sector is interested in trade exchange, such that 80 Russian businessmen representing 40 companies have attended the conference, each of whom will introduce a service or equipment to the Iranian companies. Novak noted that Russian companies participating in the conference are specialized in nanotechnology, electronics, nano-electronics, atomic power stations, aviation and airplane equipment./end