Russian officials travel to Iran to boost economic ties between the countries

Economic IndicatorsAssociated Press

Russian officials have traveled to Iran's capital to boost economic ties between the two countries.

Iran's Oil Minister Bijan Zanganeh and Alexander Novak Minister of Energy of Russian Federation oversaw a meeting Tuesday of businessmen in Tehran, calling on them to increase trade.

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Zanganeh said: "God willing, we will quickly increase the level of relations up to more than 10 times."

Novak expressed the readiness of Russia for industrial cooperation, saying: "We have a lot of capabilities to strengthen our cooperation in the fields of electricity, natural gas, oil — as well as nuclear plants and aircraft parts and other equipment."

Last year, trade between the two countries was about $1.5 billion.