Moscow-Tehran settlements unaffected by Western sanctions on Russia

By Al Mayadeen English
Source: Agencies
25 Jun 2024 19:51

Several financial treaties signed by Russia and Iran are set to come into force next month.

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A picutre taken on November 10, 2019, shows an Iranian flag in Iran's Bushehr nuclear power plant, during an official ceremony to kickstart works on a second reactor at the facility (AFP)

Iranian Deputy Foreign Minister Mahdi Safari told Sputnik on Tuesday that the recent Western sanctions against Russia have not impacted the agreements between Moscow and Tehran.

"Recent sanctions imposed against Russia have not affected settlements between Iranian and Russian companies. Now, commercial transactions between us [Iran] and Russia are carried out in rials and rubles," Safari said.

The minister noted that several financial treaties signed by Russia and Iran are set to come into force next month, with other former Soviet republics also expected to benefit from these financial instruments.

"When these agreements between us [Iran] and Russia are implemented this will signify that all the CIS [the Commonwealth of Independent States] will be able to apply these financial treaties," Safari added.

On Monday, EU countries have implemented a 14th package of sanctions targeting Russia, targeting several entities and Russian gas exports for the first time.

These measures are part of broader Western sanctions imposed in response to Russia's special military operation in Ukraine since February 2022.

The new restrictions specifically target liquefied natural gas (LNG) exports, aiming to reduce Russia's revenue by prohibiting trans-shipments at EU ports and granting Sweden and Finland the ability to cancel certain LNG contracts.

Earlier today, Russian Deputy Foreign Minister Andrey Rudenko informed Sputnik that Moscow is scheduled to sign a comprehensive cooperation agreement with Iran in the near future.

The West intensified sanctions against Russia following the commencement of the military operation in Ukraine in 2022. Russian President Vladimir Putin criticized the West's strategy of long-term containment, arguing that it was damaging the global economy instead.