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Russian Energy Minister Alexander Novak gave a joint press conference with Iranian Minister of Communications Mahmoud Vaezi following the Ministerial Meeting of the Joint Economic Commission for Coordination of Infrastructure Projects in Tehran, Wednesday. Novak discussed the level of trade turnover which has been achieved between Russia and Iran during the recent years, citing 2014 when it was 1.7 billion dollars, saying this doesn't "properly" reflect all the possibilities of the bilateral cooperation. "The potential between our countries is obviously huge especially in the economic cooperation as well as in the participation of both Russian and Iranian companies in our joint projects," he said. Novak stated that one of the "most important" issues that have a "negative" impact on trade is the financial issue. That is why among the proposals is setting up of a bank to boost joint projects. "We discuss the possibility to provide budget loans for realisation of joint projects as well as launching a Russian-Iranian bank which will invest in the projects," the energy minister added. The Russian energy minister arrived in Iran on a two-day official visit accompanied by a high-ranking delegation including Russian government officials and commissioners as well as businessmen. Novak is also expected to meet with Iranian Oil Minister Bijan Namdar Zangeneh, Iranian Energy Minister Hamid Chitchian as well as number of other ministers and heads of departments.

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