On Friday, Russian President Vladimir Putin and Iranian President Masoud Pezeshkian signed a landmark agreement on comprehensive strategic partnership, replacing the 2001 bilateral relations treaty.

The new accord aims to strengthen cooperation in various fields, including trade, energy, defense, technology, and infrastructure, with a focus on constructing the North-South International Transport Corridor (INSTC).

A New Chapter

Speaking at a press conference after the signing ceremony in Moscow, President Pezeshkian described the agreement as a pivotal moment in the relationship between the two countries. "Today's major agreement that was signed will open a new big chapter in our relations, especially in terms of trade and economic relations between Iran and Russia," he stated.

The Iranian president also noted that the talks included discussions on financial and investment matters, as well as the possibility of introducing a visa-free regime. "As for customs issues, as for banking and monetary issues, as well as our investment projects, as well as the visa-free regime between our countries - we discussed these issues, and within the framework of this agreement we will have the opportunity to discuss these topics in the future," Pezeshkian added.

Russian President Vladimir Putin said that the agreement would provide a framework for long-term stability and progress. "This truly breakthrough document aims to create the necessary conditions for the stable and sustainable development of Russia and Iran, as well as our entire common Eurasian region," Putin said.

He expressed confidence that the agreements reached would enhance the entire spectrum of Russia-Iran relations, stating, "We are satisfied with the outcome of the current negotiations. I am confident that the agreements reached will further strengthen the entire range of Russian-Iranian relations and ties."

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Putin and Iran's Pezeshkian sign HISTORIC strategic cooperation treaty https://t.co/OVttohVlHL pic.twitter.com/1OheGu7NZW

— RT (@RT_com) January 17, 2025

Both leaders highlighted the need for actionable measures to increase trade and economic collaboration. President Putin stressed the importance of reducing bureaucratic hurdles, remarking, "The point of the agreement signed today is precisely to create additional conditions, basic additional conditions for the development of trade and economic ties. To put it simply, there needs to be less bureaucracy and more specific cases."

President Pezeshkian expressed optimism about future cooperation and underscored Russia's importance within Iran's regional strategy. "I hope that our bilateral contacts will continue within the framework of mutual interests, and from today onwards, we will see a broader opportunity for the development of these relations. As part of Iran's neighborhood policy, Russia is of great importance to us," he said, adding that the exchange of delegations between the two nations would continue.

A Solid Bond

The signing of the comprehensive strategic partnership marks a significant milestone in the evolving relationship between the two nations. Relations between Russia and Iran date as far back as the 16th century.

The imposition of Western sanctions has prompted Russia and Iran to seek alternative markets and strengthen bilateral trade. In 2022, the trade volume between the two countries reached a record $4.6 billion, with Iranian exports accounting for $1.3 billion, reflecting a 15% increase.

This upward trend continued into 2023, with both nations striving to enhance economic cooperation. Notably, in the first nine months of 2023, trade exchanges between Iran and Russia increased by 30%.

Read more: Russia-Iran trade surpasses $4 bln with 96% in national currencies

A significant development in their economic relations is Russia's plan to supply up to 55 billion cubic meters of gas annually to Iran. Putin stated that initial deliveries would start with smaller volumes, potentially increasing to the full capacity over time.  

"If we talk about the volumes of possible supplies, we believe that we need to start with small volumes - up to 2 bcm, but in general this can reach supply volumes of 55 bcm of gas per year," Putin said after signing the treaty.

Despite recent advancements in bilateral relations, several challenges persist, such as infrastructural limitations and financial constraints. Nonetheless, the comprehensive strategic partnership treaty aims to address these issues by enhancing cooperation across various sectors, including trade, military, science, education, and culture.