Iranian Oil Minister Javad Owji voiced his country’s readiness to establish cooperation with economic activists, and said that Russian investors and companies have finalized a contract for developing several oil and gas fields with Iran worth $4.5 billion.

“So far, Russian investors and companies have finalized a contract for developing seven oil and gas fields with Iran worth 4.5 billion dollars, and some projects have made 7-35% physical progress,” Owji said on Monday.

He made the remarks in a coordination meeting with the representatives of different working groups of the Iranian side of the Joint Economic Commission of Iran and Russia to review the documents compiled for the purpose of negotiating and signing the final document of Tehran-Moscow cooperation.

“We should all take advantage of this golden opportunity in the fields of energy, transportation, economy, industry, healthcare, banking, etc. Meanwhile, the cooperation between the two countries in the field of banking seems to be the most important,” the minister added.

Referring to possible sanctions on Russia in January by the United States and the European Union, the official noted, “Iran has been facing such sanctions for years, so it is a good opportunity to neutralize the sanctions with the help of two countries.”

Owji underscored that expansion of cooperation between Moscow and Tehran will help make international sanctions imposed on both nations ineffective.

He also underlined that the level of bilateral cooperation will develop especially in the economy.

Russia hosts the 16th joint economic commission from October 30 to November 1. Deputy Chairman of the Russian Government Alexander Novak and Owji are heading both countries’ delegations at the event.

CBI Chief: Iran, Russia Plan to De-Dollarize Several Sectors of Commercial Relationshttps://t.co/xA7mxG00Umpic.twitter.com/89VnbN68H3— Fars News Agency (@EnglishFars) August 29, 2022

Since Tehran and Moscow enjoy common interests in economic, military, and security affairs as well as friendly relationship pursue common policies on regional and international developments especially when it comes to taking stances in the face of the United States’ unilateral and interventionist strategies.

Iran and Russia have grown exchane of visits by officials to speed up expansion of relations in recent months.

In August, Iranian Foreign Minister Hossein Amir Abdollahian visited Moscow and held meeting with his Russian counterpart Sergei Lavrov. The diplomat said Moscow-Tehran comprehensive document of relations is in the final stage, and added that the relationship between Iran and Russia is on track to enhance to strategic levels.

Back in June, the Russian foreign minister visited Iran for talks on boosting trade and energy cooperation.

In late May, Iranian and Russian officials in a meeting in Tehran inked 3 important Memoranda of Understanding (MoU) to further develop the two countries’ energy and banking ties. The MoUs were endorsed in a meeting attended by Iranian Oil Minister Javad Owji and Russian Deputy Prime Minister Alexander Novak.

Back in January, Iranian President Seyed Ebrahim Rayeesi visited Moscow and held a meeting with President Vladimir Putin. Rayeesi stated he had presented Putin with draft documents on strategic cooperation that would cement collaboration between the two sides for the next two decades.

Russia has officially become the most sanctioned country in the world, surpassing Iran, Syria and North Korea, after launching a military operation against Ukraine.