During the meeting held in Moscow, the two sides explored avenues for promotion of economic relations between Iran and Russia and exchanged views about ways to utilize the 13th meeting of the joint economic commission to the maximum benefit of the two countries. 

Sanaei and Novak also agreed that Iran and Russia sign a document to construct and operate four thermal power plant units in the southern Iranian port city of Bandar Abbas within the framework of the joint economic commission.

It was also agreed that within the same framework, Iran and Russia establish the two countries’ joint energy commission for the first time.

Iran and Russia have ramped up efforts in recent months to boost bilateral trade after implementation of the Joint Comprehensive Plan of Action (JCPOA), the July 2015 nuclear deal between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).

The JCPOA, which took effect on January 16, 2016 terminated all nuclear-related sanctions imposed on the Islamic Republic.

Back in August, Russia’s ambassador to Iran, Levan Dzhagaryan, said trade turnover between Tehran and Moscow has grown 70.9 percent in year-on-year terms following the removal of anti-Tehran sanctions.