Iranian Oil Minister Javad Owji stressed on Thursday his country's readiness to support the Russian Federation and further develop its cooperation with it under the sanctions.

Owji said, during a meeting in Moscow with Russia's Deputy Prime Minister Alexander Novak, that Russia supported Iran when sanctions were imposed upon it, adding that this is why Iran believes it is its duty to stand by Russia and aid it in these difficult times.

The Russian government released a statement saying that Novak and Owji discussed furthering bilateral relations between the two oil-producing countries and possible projects that can be executed on Iranian soil.

The statement also added that both parties have a mutual will to take relations to a new level.

Novak: Iran's readiness to develop its cooperation with Moscow is important to us

The Russian Deputy Prime Minister, for his part, said that it is important for Moscow that Tehran is ready to cooperate with it, despite there being limits imposed on Russia by the collective West.

Novak also said that the execution of planned joint projects in the fuel and energy sector will create the basis for further development in related industries and joint fields between both countries.

He added that despite the fact that the current tense geopolitical situation will have its ramifications, Russia will abide by its commitments to its partners, and energy supplies from Russia will remain stable.

In a press conference alongside his Iranian counterpart, Foreign Minister Hossein Amir-Abdollahian in Moscow on Tuesday, Lavrov added "I am confident that the prospects are even more impressive, considering, among things, that we have entered the homestretch on an agreement to resume the Comprehensive Plan of Action to resolve the situation around the Iranian nuclear program.”

Russia's foreign minister stressed that the two countries are "preparing new documents designed to formalize" a new level of cooperation.

Furthermore, Lavrov stated that "despite 'well-known factors' aimed at putting pressure on the two countries, "our trade turnover is steadily increasing at a record pace; It increased by nearly 80% last year, surpassing $4 billion."