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Legal Barriers  to Russia Loan Removed

Legal Barriers  to Russia Loan Removed Legal Barriers  to Russia Loan Removed

Moscow and Tehran have removed legal barriers to granting Iran a $5-billion state loan, Russian Deputy Foreign Minister Sergei Storchak said.

Preliminary agreements on the state loan to Iran were reached during Russian President Vladimir Putin's visit to Tehran in November 2015, Sputink reported.

“Contradictions in the intergovernmental loan have been removed. I saw my [Iranian] colleague here in Washington, and he said that we’re preparing clean texts. We’ll sign them as soon as the decision is made by the authorities,” Storchak told journalists, specifying that the “contradictions” were legal barriers.

Earlier, Russia's First Deputy Prime Minister Igor Shuvalov said Russia plans to allot Iran the first $2.2 billion in 2016 for projects in electrifying Iran’s railway systems.

Asadollah Askaroladi, head of Iran-Russia Chamber of Commerce had said earlier that in light of two-way relations, $2 billion is meager and trade between the two neighbors is projected to increase by 35% annually.

The two countries also plan to conduct bilateral trade in national currencies.

Financialtribune.com