Iran-Russia ink 4 cooperation documents

Iran and Russia have signed four documents for cooperation in a variety of areas at the end of the two countries’ 16th Joint Economic Committee meeting in Russia on Tuesday, Shana reported.

The strategic document for the development of bilateral relations between the Islamic Republic of Iran and the Russian Federation was signed by Iranian Oil Minister Javad Oji and Russia’s Deputy Prime Minister Alexander Novak, who co-chaired the meeting.

A loan MoU was also signed between Iran’s Deputy Minister of Finance and Economic Affairs Ali Fekri and Vladimir Ilyichev, Russia’s deputy economy minister for the signaling of the Incheh Borun-Garmsar railway project. 

Meanwhile, a bilateral memorandum was also signed by Mohammad-Hossein Niknam, Director General International Cooperation at Iran’s Ministry of Health and Medical Education, and Russia’s Deputy Minister of Health Sergey Glagolov for cooperation in the field of health and medical education.

Also, another MoU was signed between an Iranian and a Russian holding for the implementation of EPC projects for product transfer pipelines.

Speaking at the opening ceremony of the event, Oji said that the Iranian Oil Ministry, as the body in charge of the Iran-Russia Joint Economic Committee, will not only take all the necessary measures to expand strategic cooperation between the two sides in the energy sector, but it will also support the cooperation between all Iranian and Russian ministries, organizations, institutions, and companies.

He underlined the need for establishing extensive banking cooperation between the two countries for creating a suitable and reliable payment mechanism in order to facilitate mutual trade and investment, as well as swapping energy carriers, especially gas, crude oil, and petroleum products.

The minister said that the expansion of cooperation between Iran and Russia will make international sanctions against the two countries ineffective.

Oji also called for the mutual acceptance of the standard systems of the two countries with the aim of developing trade, and exchange of agricultural products, including the import of grain from Russia and the export of tropical agricultural products to Russia.

The Iranian oil minister underlined the capacities of Iran and Russia in different areas and the sanctions targeting both countries, expressing hope that the signed MoUs and agreements in the meeting will lead to a positive expansion of economic relations between the two countries.

Emphasizing that all the agreements reached and discussed in the 16th Joint Economic Committee of Iran and Russia are actually based on the topics agreed upon by the presidents of the two countries, he said, "The Iranian Oil Ministry will use all its power to follow up on the agreements reached in this meeting because we believe that these agreements are a blueprint for the solid structure of cooperation between the two countries.”

The minister stressed that holding the 16th meeting of the Joint Economic Committee of the two countries will bring good results, saying, “In the future, the level of relations between the two countries will increase day by day, especially in the economic field.”

Ukrainian President rings NYSE bell, remotely

Ukrainian President, Volodymyr Zelenskiy remotely rang the opening bell at the New York Stock Exchange on Tuesday. He appealed for billions of dollars in private investment to rebuild factories and industries destroyed by Russia.

Zelenskiy's government launched a platform of over 500 projects worth US$400 billion for foreign companies and private investors to help rebuild Ukraine's economy, even as the war with Russia drags on.

Zelenskiy appeared on a video screen behind the platform overlooking the NYSE floor where the opening bell is traditionally rung. Traders applauded and whooped while a banner read: "We are free. We are strong. We are open for business."

Fresh from a roundtable with top executives from JP Morgan, Pfizer and other US companies, Zelenskiy said in English that Ukraine was already rebuilding its economy, more than six months since the Russian invasion began.

"Ukraine is the story of a future victory and a chance for you to invest now in projects worth hundreds of billions of dollars to share the victory with us," he said.

Ukraine is also appealing for some US$5 billion in international aid each month to keep its economy running, in addition to military aid from NATO alliance members.

The United States and allies in Europe and Asia have already sent billions in humanitarian aid, weapons and other security spending, and officials are watching closely for any signs domestic political support could be flagging.

"Advantage Ukraine," the investment push, focuses on 10 key sectors, including the military-industrial complex, energy, pharmaceuticals, metallurgy, woodworking, and logistics.

"It is necessary to invest in Ukraine now, and not wait for the end of the war," Economy Minister Yulia Svyrydenko said in a statement.

Advertising group WPP is leading the marketing campaign for the initiative.

Svyrydenko told Reuters last month that Ukraine's economy should stabilize over the coming year and expand by as much as 15.5% in 2023, after a likely contraction of 30-35% this year.

On Tuesday, she said Ukraine was keen to bring back foreign direct investment, which she said had reached US$6.7 billion before the war. "The Russian invasion adjusted our short-term plans, but did not force us to abandon our strategic goals," she said.

Concerns about corruption had tempered foreign investor interest in Ukraine before the invasion.

The economy ministry is also providing grants to existing businesses, and has relocated 700 businesses from the frontlines of the conflict.