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EghtesadOnline: The state monopoly Russian Railways considers its project on the electrification of the railroad in Iran completely civilian and not subject to US sanctions, the company’s CEO Oleg Belozerov said in an interview with Sputnik before the St. Petersburg International Economic Forum.

“In Iran, we will be engaged in electrification, which is related directly to rail transport. We believe that this is a completely civilian project that does not fall under the [US] sanctions, but we are clarifying it,” Belozerov said. Russian Railways has signed a contract and is preparing for the electrification of Garmsar-Inche Borun Railroad with the supply of track equipment and 40 locomotives.  The project, estimated to cost €1.2 billion ($1.41 billion), will be financed from the Russian government’s state export credit to the government of Iran. Work is scheduled to begin in July 2018. In 2012, Russian Railways had earlier completed a project in Iran—the electrification of Tabriz-Azarshahr Railroad, according to Financial Tribune.

 

US sanctions Russian Railways Iran Railway Project Iran railroad electrification Oleg Belozerov