Iran Hopes to Open Credit Lines in Russia

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Iranian Vice President Sorena Sattari said that Tehran hopes to open credit lines in Russia in order to develop closer trade relations.

MOSCOW (Sputnik) – Tehran hopes to open credit lines in Russia in order to develop closer trade relations, Iranian Vice President Sorena Sattari told the Russian Kommersant daily.

"At first, the main thing is to sort out the interaction of the banking systems and open credit lines. This would create the necessary basis for the development of trade-economic cooperation between our countries," Sattari said in the interview with the newspaper, published on Friday.

According to Sattari, the lack of clarify on the issue of credit lines is the main stumbling block in the progressing cooperation between Iran and Russia.

"We discussed this issue in detail with Russia’s minister of industry and trade [Denis Manturov]. The talks were very constructive. We hope for a positive outcome on this issue," Iran’s vice president told Kommersant.

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The July agreement between Tehran and the P5+1 countries — the United States, Russia, France, Britain, China, and Germany – freed Iran of economic restrictions in exchange for assurances that it will not seek to develop or acquire a nuclear weapon.

Last week, Iranian Foreign Minister Javad Zarif said that the lifting of sanctions against Iran would eliminate all barriers for trade and economic cooperation between Iran and Russia.

In 2014 Iran’s exports to Russia amounted to $355 million, while total trade turnover reached some $1.7 billion.

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