Russia approves $1 billion loan to Iran, awaits Tehran's account details
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Iran's Fars news agency reported that Russia has approved a $1 billion loan to the Iranian government and is ready to transfer the funds as soon as Iranian authorities provide bank account details. The sum is the first tranche of a total $20 billion lending plan Russia intends to provide to Iran. However, delays have arisen on the Iranian side, as Iranian government agencies are locked in internal disputes over budget allocation, so account numbers have not yet been sent and the funds have not yet been received from Russia. The report said Iran's Planning and Budget Organization wants to use the money to import cars, while the Ministry of Petroleum wants to use it to purchase equipment for the oil industry, and the Ministry of Agriculture wants the funds allocated to imports of essential goods. Iran and Russia have stepped up efforts to strengthen economic and financial ties in order to reduce reliance on financial systems controlled by Western nations, at a time when Iran remains under heavy US sanctions, particularly on oil exports, banking, and access to international financial systems.