The MoUs were inked in the Russian capital of Moscow on Wednesday evening in the presence of Iranian Ambassador to Moscow Kazem Jalali.

Concurrent with the third day of 2022 Russian Automobility Exhibition (MIMS Automobility Moscow), the MoUs were signed in the fields of establishing high-tech car parts production line, exporting car parts using the powder metallurgy method and also cooperation agreement of SAIPA Mega-Motor Company with the Russian sides, totally costing 700 million euros.

In the signing ceremony, Iranian envoy to Moscow Kazem Jalali said that a number of 12 MoUs and cooperation agreements have been signed between Iranian and Russian car manufacturing companies to boost bilateral cooperation in the relevant fields.

If these MoUs are put into operation, it will lead to more than 700 million euros of foreign exchange for the country, he stipulated.

Jalali put Iran’s export value to the Russian Federation last year in 2021 at about $1 billion.

He then pointed to the problems of money transfer between Iran and Russia and added that the first transfer of Russia’s ruble and Iran’s rials was launched between the two countries in order to ease financial transactions.