Iran to barter car parts and gas turbines for Russian steel — Iranian media

Iranian trade and industries minister Reza Fatemi Amin said that Iran and Russia might enter into large barter agreements: Tehran plans to import steel from Russia in exchange for exports of car parts and gas turbines, reports the Iranian English-language media PressTV.

He said his country would use barter with Russia to supply raw materials for the metallurgical and mining sectors.

Speaking on the sidelines of a joint Iranian-Russian commission on economic and trade cooperation in Tehran, Fatemi Amin said Iran would need to import raw metals such as zinc and lead to meet growing domestic demand.

The official noted that Russia plans to negotiate barter agreements for certain goods, including steel, and some Iranian companies have already signed contracts to supply or repair gas turbines for Russian power plants.

Iranian Oil Minister Javad Ouji, co-chair of the Iran-Russia Commission on Economic and Trade Cooperation, said the annual cost of economic ties between the two countries could increase nearly 10-fold, reaching $40 billion.

Ouji made the statement after a meeting in Tehran with Russian Deputy Prime Minister Alexander Novak, where they signed agreements on energy and banking cooperation between countries.
We remind that the US recognizes Iran as a sponsor of terrorism. Iran, like Russia, has been subject to numerous sanctions because of its nuclear ambitions.