News ID: 215513
Published: 0219 GMT May 22, 2018

Russian Railways: Electrification project in Iran not subject to US sanctions

Russian Railways: Electrification project in Iran not subject to US sanctions

The state railroad monopoly Russian Railways considers its project on the electrification of the railway in Iran completely civilian and not subject to US sanctions, the company's CEO Oleg Belozerov told Sputnik before the St. Petersburg International Economic Forum.

"In Iran, we will be engaged in electrification which is related directly to railway transport. We believe that this is a completely civilian project that does not fall under the [US] sanctions, but we are clarifying it," Belozerov said.

Russian Railways has signed a contract and is preparing for the electrification of the Garsar-Ince Burun railway line with the supply of track equipment and 40 locomotives.

The project is estimated at 1.2 billion euros ($1.41 billion). It will be financed from the Russian government's state export credit to the government of Iran. The work is scheduled to begin in July 2018.

SPIEF, held annually in Russia's second largest city of St. Petersburg, is a major global platform for communication between business representatives and the discussion of crucial economic issues.

The upcoming event will be held from May 24-26. Rossiya Segodnya International Information Agency is the official media partner of the forum.

 

   
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