TEHRAN, Nov. 20 (Xinhua) -- Iran's First Vice President Mohammad-Reza Aref and visiting Russian Energy Minister Sergey Tsivilev on Wednesday discussed ways to expand economic ties and cooperation, according to Iran's official news agency IRNA.

Numerous capacities exist for the further development of bilateral economic ties, which could increase trade transactions between the two countries, Aref was quoted by IRNA as saying. He added that previously-reached bilateral agreements should be implemented to that end.

Iran attaches great importance to long-term and all-out cooperation with Russia, Aref said, stressing that the two countries are determined to improve bilateral ties to the highest level.

He also underscored the importance of constant consultations between both sides given the current circumstances in the West Asia region and the world.

Noting that there are numerous areas for expanding and deepening bilateral cooperation, Tsivilev said meetings between high-ranking officials of both sides would help facilitate and deepen bilateral economic ties.

Iran and Russia, both under U.S. sanctions, have recently expanded their political and economic relations, particularly in the banking sector, as part of efforts to counter U.S. restrictions. Enditem

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