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Reuters
Reuters
Business
By Olesya Astakhova and Parisa Hafezi

Russia and Iran sign rail deal for corridor intended to rival Suez Canal

Russian President Vladimir Putin, together with Iranian President Ebrahim Raisi, takes part in the ceremony of signing an agreement on the construction of the Rasht-Astara railway, via video link at the Kremlin in Moscow, Russia May 17, 2023. Sputnik/Mikhail Klimentyev/Kremlin via REUTERS

Russian President Vladimir Putin and his Iranian counterpart Ebrahim Raisi on Wednesday oversaw, via video-link, the signing of a deal to finance and build an Iranian railway line as part of an embryonic international North–South Transport Corridor.

The Rasht-Astara railway is seen as an important link in the corridor, intended to connect India, Iran, Russia, Azerbaijan and other countries via railways and sea - a route that Russia says can rival the Suez Canal as a major global trade route.

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