News ID: 258296
Published: 0254 GMT September 04, 2019

Russia, India to continue economic cooperation with Iran

Russia, India to continue economic cooperation with Iran
Russian President Vladimir Putin (R) shakes hands with Indian Prime Minister Narendra Modi during a meeting on the sidelines of the St. Petersburg International Economic Forum (SPIEF) in Russia.

Russia and India will continue their trade and economic cooperation with Iran, which they qualify as mutually beneficial and legitimate, according to a joint statement adopted Wednesday after the Russian-Indian summit.

"The sides acknowledge the importance of full and efficient implementation of the Joint Comprehensive Plan of Action (JCPOA) on the Iranian nuclear program for ensuring regional and international peace, security and stability. They confirm full commitment to Resolution 2231 of the UN Security Council", the statement read, wrote.

The JCPOA was signed in July 2015 between Iran and the P5+1. The deal went into force in January 2016. However, more than two years after the implementation of the agreement began, President Donald Trump pulled the US out of the deal in May 2018 and reimposed  unilateral sanctions on Iran.

Russia and India maintain that the crisis must be resolved peacefully; thus, both countries have expressed determination to continue legitimate trade and economic cooperation with Tehran.

Moscow and New Delhi also signed several agreements, including a strategy for boosting cooperation on trade, economy and investment.

According to the joint declaration, Russia and India would continue promoting trade in national currencies.

"Work will continue to promote a system of mutual transactions in national currencies," they said.

In addition, a program on the expansion of cooperation in the gas and oil industries was signed between the Russian Energy Ministry and the Indian Ministry of Petroleum and Natural Gas. The sides also signed a memorandum of understanding on the use of the gas fuel.

The summit was held in Russia's Vladivostok, which is now hosting the Eastern Economic Forum. Rossiya Segodnya International Information Agency is an official media partner of the event.


Joint ventures


President Vladimir Putin and Prime Minister Narendra Modi agreed to study the possibility of setting up joint ventures in India to design and build passenger aircraft.

"Aviation and space are among the most promising cooperation avenues. The sides have agreed to study the possibility of setting up joint ventures in India that would design and build passenger aircraft", the statement read.

In addition, the statement pointed out that close cooperation on defense technologies and the military issues was part of the basis for "an especially privileged strategic partnership."


New oil shipments


The statement also established that Russia and India would consider the possibility of shipping oil via the Northern Sea Route and pipeline.

"The sides intend to develop cooperation in the field of geological prospecting and joint development of oil and gas fields in Russia and India, including shelf projects, to continue perfecting the delivery of energy resources from Russia to India, including based on a long-term agreement to import Russian crude, possibly using the Northern Sea Route and a pipeline system," the statement read.

The statement stressed that energy was the key field of Russian-Indian cooperation.

"One of the fundamental components of the strategic partnership in this sector is the cooperation on peaceful nuclear energy. Building of the remaining four out of six energy units of the Kudankulam Nuclear Power Plant is progressing successfully," the statement said.



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