Alexander Novak: we interested in North-South corridor

The North-South transport corridor could become key to developing economic cooperation between Russia and Iran, Russian Deputy Prime Minister Alexander Novak said at a meeting with representatives of Iran's business community.

"Russia is interested in creating the North-South international transport corridor. Its successful implementation, we believe, will give a powerful push to the development of trade with the Caspian basin and Persian Gulf. This is a landmark project that could become key for the development of our trade and economic cooperation," Novak said.

The trade turnover between the two countries jumped 81% to almost $4 billion, one of the highest figures in many years, he said. Trade grew by another more than 10% in the first quarter of 2022.

"Thanks to the efforts of the leaders of our countries, a path is being pursued to increasing trade, economic, logistics, investment, financial and banking cooperation, despite the unprecedented pressure that Russia is currently experiencing from unfriendly countries," Novak said.