Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Iranian Shura Council recommends the closure of the Hormuz Strait and leaves the decision up to the Iranian National Security Council.
IRGC Commander Major General Mohammad Pakpour: As time passes, the people's solidarity increases, which is a divine blessing
IRGC Commander Major General Mohammad Pakpour: The Iranian Revolution Guard Corps' aerospace operations will not stop
Russian Foreign Ministry: IAEA Director General Rafael Grossi must ensure that an objective report is presented at the special session of the International Atomic Energy Agency (IAEA)
Russian Foreign Ministry: The UN Security Council must respond to the US attacks on Iran
Russian Foreign Ministry: We strongly condemn the US strikes on Iran, calling the decision irresponsible
Iranian Red Crescent: Three personnel martyred, 29 injured in Israeli aggression
IRGC: We have identified and monitored the departure points of the US aircraft that carried out the aggression
IRGC: America has neither the initiative nor the ability to escape the consequences of a powerful response
IRGC: We strongly affirm that Iran's peaceful nuclear technology cannot be destroyed by any attack

Iran-Russia annual trade to reach $40 billion in 1.5 years

  • By Al Mayadeen English
  • Source: Agencies
  • 7 Jun 2022 23:03
  • 1 Shares
2 Min Read

Russia and Iran, both countries harshly sanctioned by Washington, are cooperating together on trade and will soon work together in the banking sector.

  • x
  • Iranian Petroleum Minister Javad Owji
    Iranian Petroleum Minister Javad Owji

The volume of annual trade between Iran and Russia will hit $40 billion within the next 18 months, Iranian Petroleum Minister Javad Owji said Tuesday.

The remarks were made during Russia's National Day, with Owji revealing that Iran has projects agreed upon with Russia and China in the banking sector.

The banking projects due to be implemented by Russia, China, and Iran, Owji stressed, will put an end to the dominance of the USD in the near future.

Iran and Russia are two main suppliers of oil and gas in the world, he noted. "Playing with these two countries would be a major threat to the world energy security."

Related News

Iran says US, 'Israel' crossed 'red line' as Araghchi heads to Moscow

US bases across region are point of vulnerability, not strength: IRGC

Europe's reliance on energy is not a game, and it cannot be easily compensated, Owji underlined as the European markets struggle due to the absence of Russian oil from the energy market, which was caused by the western sanctions on Moscow.

"The game has been experienced before in other countries."

The United States is trying to convince its allies in the Gulf to pump out more oil to compensate for the lack of Russian oil in the market.

A group of six Democrat US members of Congress sent earlier today a letter to President Joe Biden urging him to secure commitments from Saudi Arabia to stabilize the situation in the global energy markets.

The Biden administration has long been requesting that the Saudi government increase oil production in order to lower gasoline prices ahead of the midterm elections and to push for a slew of sanctions against Russian oil in the midst of the ongoing war in Ukraine. However, the Saudis have not shown any interest in it thus far.

  • United States
  • OPEC
  • Europe
  • Russia
  • Sanctions on Russia
  • China
  • OPEC+
  • Ukraine
  • Oil prices
  • Saudi Arabia
  • Iran

Most Read

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

Iran launches 9th wave of Op. True Promise 3, destroys IOF air defense

  • MENA
  • 17 Jun 2025
Rescue team work at the site where a missile launched from Iran struck Tel Aviv, Israel, Monday, June 16, 2025 (AP)

Wave 12 of Operation True Promise 3 launched, Sejjil deployed: IRGC

  • Politics
  • 18 Jun 2025
Iran launches missile barrage to Tel Aviv, casualties reported

True Promise 3, wave 14: Tel Aviv targeted, casualties reported

  • Politics
  • 19 Jun 2025
Iran's heavy barrages impact multiple Israeli targets overnight

Iran's heavy barrages impact multiple Israeli targets overnight

  • Palestine
  • 18 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Iran UN Ambassador Amir Saeid Iravani addresses a United Nations Security Council meeting, Friday, June 20, 2025. (AP)
Politics

Iran demands urgent UN Security Council session over US airstrikes

CIA Director John Ratcliffe, testifies before a hearing April 18, 2023, on Capitol Hill in Washington (AP/Manuel Balce Ceneta)
US & Canada

Trump aides pushed war on Iran with Mossad-fed intel, ignoring dissent

This photo released on Nov. 5, 2019, by the Atomic Energy Organization of Iran shows centrifuge machines in the Natanz uranium enrichment facility in central Iran. (Atomic Energy Organization of Iran via AP, File)
Politics

Iran: Minor damage to nuclear sites after US attack, no radiation

The U.S. Capitol, on June 5, 2025, in Washington. (AP)
Politics

US lawmakers condemn Trump’s strikes on Iran; MAGA base frustrated

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS