Iran Russia forge ahead with financial coop as Tehran aims to transform customs into passage point

Iran, Russia forge ahead with financial co-op as Tehran aims to transform customs into passage point

TEHRAN – Iran's Minister of Economic Affairs and Finance, offering a positive assessment of the outcomes of his meeting with his Russian counterpart, stated that significant progress has been made in bilateral interactions concerning financial and monetary matters. He also announced that with the implementation of two new plans, customs are set to become places of passage rather than stoppage.

Seyed Ali Madanizadeh, in response to a question from IRNA, added: "In this meeting, transparent and constructive discussions were held regarding recent bilateral interactions and agreements related to mutual accords, which I will convey to Tehran."

He stated: "Given Iran's significant capacity in terms of a highly educated workforce, a proposal was made to dispatch a group of interested individuals to Russia, and it was agreed that the matter would be followed up by the Ambassador of the Islamic Republic of Iran in Moscow."

The Minister of Economic Affairs and Finance, noting that he had discussed investment opportunities in Iran's strategic and high-yield industries with his Russian counterpart, cited the facilitation of financial and commercial exchanges as another topic of discussion. He said: "Overall, it was a very productive meeting, and good agreements were reached."

Madanizadeh, who spoke to reporters on Monday evening after a meeting with a group of Iranian economic activists residing in Russia, addressed another reporter's question regarding traders' problems at customs. He said: "Currently, there are serious issues concerning borders and the transfer of goods, some of which stem from the laws, rules, and regulations governing the country and its borders."

He added: "Not all of these issues are necessarily related to customs itself. It is true that customs is stationed at border points, but the number of agencies involved at borders and in trade exceeds 20, some of which are even outside the government."

The Minister of Economic Affairs and Finance continued: "We currently have two major projects on our agenda: coordinated border management and the seamless transit project. Once implemented, our customs will become mere points of passage rather than stoppage. The execution of these two plans will significantly benefit the country's trade."

According to IRNA, Madanizadeh arrived in Moscow on Sunday for bilateral and multilateral consultations. Madanizadeh met and held talks with Russian Finance Minister Anton Siluanov on Monday, and on Monday evening, he attended a consultative meeting with Iranian economic activists and traders residing in Russia.

Developing relations with Russia is among 14th government's priorities

The Minister of Economic Affairs and Finance, stating that developing relations with Russia is among the 14th government's priorities, said: "The President of the Islamic Republic of Iran has always been and continues to be seriously committed to following up on joint projects between Tehran and Moscow."

According to IRNA, Seyed Ali Madanizadeh, speaking on Monday night at a consultative meeting with Iranian economic activists residing in Russia, held at the residence of Iran's embassy in Moscow, expressed gratitude for the traders' efforts in meeting the country's needs and boosting exports. He added: "Following recent developments, deepening economic, commercial, and financial relations has become even more important for both countries."

He noted: "Securing essential goods from the Eurasia region, especially Russia, is a priority that we are actively pursuing."

At the start of the consultative meeting, which was also attended by Iran's Ambassador to Russia, Kazem Jalali, the Minister of Economic Affairs and Finance listened to the concerns of traders and economic activists residing in Russia.

The traders present at the meeting raised issues concerning currency exchange, the opening of letters of credit (L/C) for agricultural imports, and the fulfillment of currency obligations. Madanizadeh promised to follow up on these matters in coordination with relevant ministries and agencies.

Some economic activists at the meeting raised concerns about the long queues at the Astara customs and the time-consuming clearance procedures at that border point.

In response, the Minister of Economic Affairs and Finance announced that the necessary budget allocation for customs to purchase and install X-ray scanners has been made.

He said: "I am personally following up on the process of equipping key customs points in the country, especially Astara customs, to expedite the process; although land allocation and installation of such equipment is a relatively time-consuming procedure."

During the meeting, some Iranian economic activists residing in Russia requested an expansion of the list of goods covered by customs exemptions under the free trade agreement with the Eurasian Economic Union.

Mehdi Heydari, Deputy Minister and Head of Iran's Organization for Investment, Economic and Technical Assistance, also spoke at the meeting, saying: "Representatives of Iranian traders in Russia presented precise points in this meeting, reflecting their responsible approach."

He went on to describe the current period as a historic opportunity to remove barriers to trade with Russia and the Eurasia region, emphasizing the government's commitment to enhancing trade with northern neighbors.

Heydari also noted the Organization for Investment, Economic and Technical Assistance's efforts in identifying and introducing investment opportunities in Iran across key sectors such as oil and gas, mining, logistics, and more, inviting investors to participate in these projects.

Iranian and Russian finance ministers held constructive talks

Iran's Ambassador to Moscow stated that the finance ministers of the Islamic Republic of Iran and the Russian Federation held constructive and productive talks in Moscow on Monday.

According to IRNA, Kazem Jalali, speaking on Monday night at the consultative meeting of economic activists and Iranian traders residing in Russia with the Minister of Economic Affairs and Finance at the residence of Iran's embassy in Moscow, added: "Madanizadeh's negotiations with his Russian counterpart can open a bright horizon for bilateral relations."

Iran's Ambassador to Moscow, referring to the September 1, 2026 meeting between the presidents of the two countries on the sidelines of the Shanghai Cooperation Organization summit, described the discussions as constructive and said: "The Iranian government has a serious determination to strengthen relations with Russia."

He noted: "Russia has great economic potential for Iran, and the purchase of essential goods is one of these capacities. The trend of bilateral exchanges over the past few years has been positive, and serious commercial activity has begun between the two countries, given Russia's large market."

Jalali further emphasized the importance of removing obstacles to the development of trade with Russia, including strengthening market knowledge, developing transit infrastructure, resolving customs issues, facilitating monetary and banking exchanges, and improving logistics.

Referring to the government's efforts to strengthen transportation infrastructure along the North-South Corridor, he cited as an example the pursuit of the Rasht-Astara railway construction agreement. He said: "Following the President's directive, the Minister of Roads and Urban Development is actively pursuing the acceleration of this project, which the Russian side has stated will be completed within three years."

Iran's Ambassador to Russia also addressed the proposed plan to construct a second railway line with Russian gauge standards from Astara to Bandar Abbas, stating: "If we truly want the North-South Corridor to be realized in its railway segment, the construction of a broad-gauge line is essential."

--------------Iran-Russia economic agreements on track for finalization

The Minister of Economic Affairs and Finance, stating that he is traveling to Russia as the President's representative to finalize previous bilateral memoranda of understanding, said: "With the signing of relevant contracts and the development of bilateral financial relations, significant breakthroughs are on the horizon."

Seyed Ali Madanizadeh, speaking to reporters on Sunday upon his arrival at Moscow's Sheremetyevo International Airport, added: "The policies of the 14th government, and particularly the President, focus on developing relations with neighboring countries, aligned nations, and any country in the world that engages in proper interactions."

He stated: "In this regard, over the past two years, effective measures have been continuously taken to expand the country's relations, the results of which are evident in the resilience of Iran's economy during the period of siege."

The Minister of Economic Affairs and Finance described his trip to Moscow as a continuation of consultations between the governments of the Islamic Republic of Iran and the Russian Federation aimed at developing economic and financial relations.

He recalled: "Previously, the country's executive bodies have conducted considerable studies in this area, as well as on logistics development, the North-South Corridor, and the facilitation of trade between the two countries and other regional nations. Following the signing of memoranda with the Russian government, contracts have been prepared that I, as the President's representative, aim to finalize during this visit to Moscow."

He noted: "With the signing of these contracts, significant progress will be achieved, the results of which will be evident in the country's exports, imports, and production."

MA

source: tehrantimes.com