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By Trend

Iran and Russia have finalized their cooperation over a remote sensing satellite project, ICT Minister Mahmoud Vaezi told Trend.

He said Iran and Russia are improving their cooperation in the field of ICT as well as in other areas.

"Last week 17 Russian companies came here and worked over their cooperation with Iranian companies," he said.

Elsewhere, Vaezi said President Hassan Rouhani has accepted an invitation by his Russian counterpart Vladimir Putin to visit Moscow.

"On his last visit to Tehran, Mr. Putin invited Rouhani to Moscow. Dr. Rouhani has accepted the invitation. The two countries’ foreign ministries are to decide a date for the trip," Vaezi stated.

Following several round of meetings between Iranian and Russian delegations, the two sides on Dec. 13 inked 10 memorandums of understanding (MoUs) on cooperation in various areas, including energy, banking, insurance and industry.

Iran and Russia plan to increase their annual volume of trade turnover to $10 billion in future.

According to customs statistics, Iran-Russia annual trade plunged from $4 billion in 2011 to $1 billion in 2013 due to the sanctions on Iran, but rose to $1.7 billion in 2014. The figure increased by 30 percent in 2015, and during 9 months of 2016, the trade turnover between Iran and Russia increased by 70 percent year-on-year.

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