Tehran: Petroleum Minister Mohsen Paknejad has highlighted Iran's indigenous capacities in the oil sector and said that in practice, sanctions on Iran have failed to cripple its oil industry. Speaking to reporters on the sidelines of the cabinet session on Wednesday, Paknejad dismissed the 'maximum pressure' claimed by U.S. officials against Iran.

According to Islamic Republic News Agency, Paknejad referred to the 18th meeting of the Joint Commission on Economic Cooperation held in Moscow, noting that the two sides signed a document intended to pave the way for leveraging the potential of Russian companies in the oil and gas sectors. This agreement is set to enhance collaboration and further integrate the energy resources of the two countries.

Earlier on April 25, Russia's Energy Minister Sergei Tsivilev announced that the annual trade between Russia and Iran surged by 16.2% to reach $4.8 billion in 2024. This increase underscores the strengthening economic ties between the two nations. Tsivilev emphasized that Iran is a reliable partner for Russia, and the strategic partnership deal signed on January 17 is set to make 2025 a significant year in bilateral relations.