Speaking to IRNA, Novak said he discussed the issue of granting a $5-billion loan to Iran in the meeting with the visiting Iranian Energy Minister Reza Ardakanian.
There are some projects which are underway at the moment, he said, adding that they would be implemented by presenting governmental loans from Russia.
He said they have reviewed the renovation and construction of thermal and water power plants, constructing a new railway and delivering subway wagons to Iran.
Novak noted that Iran and Russia have already signed the necessary protocol and agreements and the projects are underway.
Elaborating on Russian cooperation with Iran in oilfields in the sanction era, he said Russia has always been against any limitations and sanctions by third countries on producing and selling products.
Commenting on oil extraction and sale, Novak said that Russia is establishing cooperation with Iran in the framework of oil for goods mechanism.
The mechanism was established in 2014 when the two countries signed an agreement, Novak noted.
Some of the oil consignments have been extracted for third countries and Russian goods have been exported to Iran, he reiterated.
He went on to say that it is a good instrument that could help develop trade and also be a source for financing the export of Russian crops and industrial products to Iran.
The minister expressed that Iran and Russia are two countries that play a good role in the international oil market and should promote cooperation.
Novak earlier acknowledged good neighborly relations and partnership of Iran and Russia, saying both countries are determined to promote cooperation.