Russia and Iran outline cooperation plan to bypass sanctions

A leaked 44-page Russian document, titled ‘Cooperation Plan between the Russian Federation and Iran for 2024-2026’, outlines an extensive strategy to deepen bilateral ties and mitigate the impact of Western sanctions.

Key objectives include establishing alternative financial channels to reduce reliance on Western systems. The plan aims to increase bilateral trade conducted in national currencies from 68% in 2024 to 71% by 2026. It also encourages the use of digital currencies for cross-border settlements and the integration of Iran’s ‘Shetab’ network with Russia’s ‘Mir’ system, potentially bypassing the SWIFT network.

In the energy and defense sectors, the agreement tasks the state nuclear corporation Rosatom with continued work at the Bushehr nuclear power plant, including fuel supply and maintenance. The plan also covers the localization of production for Russian aircraft parts and cooperation in transport and energy projects.