Iran to sign $4bn oilfields deal with Russia in bid to bolster ties | Business and Economy News

Seven Iranian oilfields will be developed in cooperation with Russian firms, according to Iran’s oil minister.

Iran’s Oil Minister Mohsen Paknejad announced a $4 billion energy agreement with Russian firms to develop seven oilfields amidst Western sanctions. This deal, part of a strategic partnership between the nations, follows discussions on nuclear negotiations with the U.S. and includes potential Russian natural gas supplies to Iran, reflecting deepening ties in various sectors since the Ukraine conflict.