Russia and the Islamic Republic of Iran announced a cooperation program for the years 2024 to 2026 with the development of oil and gas fields mentioned in a joint document. This document, which addresses the establishment of independent financial mechanisms and cooperation in energy projects, provides specific details about the anticipated projects.
Details of Oil Projects
According to this document, the Shadgan, Kish, and North Pars oil fields have been identified as the main targets of cooperation. The Ministry of Energy of Russia and Russian companies are responsible for advancing the projects in this regard. These projects are expected to be implemented by the end of 2026.
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Financial Mechanisms and Economic Cooperation
The document emphasizes that Russia intends to increase the share of bilateral trade exchanges in national currencies from 68 percent in 2024 to 71 percent in 2026. Additionally, the use of central bank digital currencies for cross-border settlements has been highlighted. These measures are designed to reduce the economic vulnerability of both countries against Western sanctions.
The document also stresses the necessity of creating independent systems for transferring financial messages and connecting the financial institutions of both countries to independent financial information exchange channels. This action is considered particularly important for circumventing financial restrictions and sanctions.
Development of Cooperation in Nuclear and Energy Sectors
Part of this document refers to civilian nuclear cooperation and the role of the state-owned company Rosatom in the Bushehr nuclear power plant. Rosatom will be responsible for supplying fuel and maintenance services for Unit One of the Bushehr power plant and will also participate in the construction of Units Two and Three of this power plant.
This document also examines joint projects in the energy and nuclear fields, aimed at strengthening economic and political relations between Moscow and Tehran. Given the current conditions and sanctions, this cooperation could help increase economic interactions and reduce dependence on other countries.
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