Russia gives bank record bailout

A building of VTB, Russia's second largest financial institution, in the capital Moscow (file photo).

Source: Press TV
http://www.presstv.ir/detail/187142.html

Russia's Bank of Moscow has received the country's largest bailout package ever worth USD 14.2 billion, following the bank's hostile takeover by a state-controlled financial institution.

The rescue package was bigger than had been expected and followed the takeover by VTB, Russia's second largest financial institution, Russia's central bank said on Friday.

By giving a bailout to Bank of Moscow, the Russian government aimed to keep the country's fifth-largest banking group afloat.

Under the bailout, Russia's central bank will fund a 10-year loan of 295 billion rubles (USD 10.6 billion) to Bank of Moscow from the Deposit Insurance Agency (DIA) at a rate of 0.51 percent, according to the Wall Street Journal.

VTB will [also] donate 100 billion rubles to recapitalize Bank of Moscow, the central bank said in a statement.

"We are certain that, thanks to the joint actions of VTB and the state, Bank of Moscow will resolve its temporary problems and reach a qualitatively new level," VTB said in a statement.

Analysts believe the move also indicates the Russian government's desire to help state-controlled VTB with its takeover of a weaker company.

Iran, Russia discuss bilateral energy ties

A view of Moscow International Oil and Gas Exhibition (file photo)

Source: Press TV
http://www.presstv.ir/detail/186001.html

Iranian and Russian officials have held a meeting on the sidelines of 11th International Oil and Gas exhibition in Moscow to discuss ways to expand energy cooperation.

The visiting Iranian delegation, including lawmakers and energy officials, and the Russian authorities stressed on expansion of joint investment and cooperation in oil and gas sectors of both countries, IRIB reported.

"Russian companies are eager to invest in Iran's oil and gas projects and that Russia will be a reliable partner for Iran in its oil and gas fields," said Talyat Aliev, the deputy director of International Department of Russian Energy Ministry.

He noted that the two countries are cooperating in the Gas Exporting Countries Forum (GECF).

The Russian officials also criticized the US-led unilateral sanctions imposed on Iran over its civilian nuclear activities, IRIB reported.

Western powers -- led by the United States -- have been making attempts to cripple Iran's energy sector in a bid to dissuade it from carrying on with its peaceful nuclear program.

On June 9, 2010, the UN Security Council approved a US-engineered resolution imposing a fourth round of sanctions on Iran, particularly targeting its energy and financial sectors over unverified allegations that the country is pursuing a clandestine nuclear weapons program.

Shortly after the UN sanctions, the US imposed fresh unilateral sanctions against Iran's financial and energy sectors, and then pressured the EU, Japan, Canada, and Australia to impose similar sanctions on Tehran.

"We are ready to expand our cooperation in Iran's oil and gas fields by removing the obstacles," Aliev said.

Iranian lawmaker Mohammad Karim Shahrzad also said that the Moscow exhibition "is a good opportunity" for development of Iran-Russia energy cooperation.

More than thousand companies from Russia and 36 other countries are taking part in the 11th International Oil and Gas exhibition in Moscow which was opened on Tuesday.

Iran, which is the world's fourth largest oil producer, sites on the world's second largest natural gas reserves after Russia.

US cruiser in Black Sea angers Russia

US Navy officers at the Black Sea port of Constanta, Romania (file photo)

Source: Press TV
http://www.presstv.ir/detail/184326.html

Russia has protested against the presence of a US Navy cruiser in the Black Sea which is preparing for joint naval exercises with Ukraine.

On Sunday, Russia criticized the deployment of the Monetary cruiser, which is equipped with a ballistic missile system, in the Black Sea, saying its presence is a threat to Russia's national security, AFP reported.

“We have a number of questions regarding the arrival in the Black Sea of the US Navy cruiser Monterey to participate in the Ukrainian-US Sea Breeze 2011 exercises,” a Sunday statement by Russia's foreign ministry said.

Russia announced that it would not ignore “the appearance of elements of US strategic infrastructure in the immediate proximity to our borders and will see such steps as a threat to our security.”

Moscow has failed to reach an agreement with the West on a missile system project for Europe, saying the Washington did not provide guarantees that its missile system was not aimed at Russia.

The US has rejected Russia's call for a shared control of the missile system.

The US and Romania agreed in May on the deployment of parts of the missile system in the European country.

'Iraq to expand military ties with Iran'

Iraqi Prime Minister Nouri al-Maliki

Source: Press TV
http://www.presstv.ir/detail/180218.html

Iraqi Prime Minister Nouri al-Maliki says the Baghdad government plans to expand its military ties with Tehran, stressing that such relations will ensure regional stability.

Maliki told Mehr News Agency on Monday that Iran and Iraq have deeply-rooted cultural, economic, historical and religious bonds. He added that common areas of interest and concern would likely effect the bilateral relations between the two countries.

The Iraqi prime minister said that the ongoing developments in the Middle East call for a new roadmap for Baghdad-Tehran military, political and security ties.

Maliki added that Iraq and Iran, famous in the region for their history and ancient civilization, can play a major role in creating stability in the Middle East through cooperation.

Iran and Iraq are trying to further develop ties following the fall of Iraq's former dictator Saddam Hussein.

Iraq lauds growing ties with Iran

Iraqi Prime Minister Nouri al-Maliki

Source: Press TV
http://www.presstv.ir/detail/179545.html

Iraqi Prime Minister Nouri al-Maliki has lauded growing relations with Iran, saying his country supports enhanced economic cooperation with the Islamic Republic.

Speaking to the IRIB on the sidelines of a Wednesday meeting with Iranian Foreign Minister Ali Akbar Salehi in Baghdad, Maliki said Iraq welcomes investments by Iranian companies.

He expressed hope that the two neighbors hold a meeting at the earliest opportunity to discuss ways to boost economic cooperation and joint ventures.

Maliki said Iran and Iraq have the potential to expand economic cooperation in line with mutual historical relations.

He said Iraq was determined to pave the way for bolstering positive cooperation among regional countries, adding that Baghdad seeks to have an active presence in the region through promoting a new economic system.

Iran and Iraq took major strides towards the expansion of relations in various fields following the fall of former Iraqi dictator Saddam Hussein in 2003. The officials of the two countries have exchanged many visits in recent years.

On Wednesday, the Iranian foreign minister paid an official visit to Iraq to discuss regional and international developments with senior Iraqi officials.

During his day-long stay in Baghdad, Salehi also held talks with Iraqi President Jalal Talabani and Foreign Minister Hoshyar Zebari on mutual relations and the latest developments in the Middle East region.

Salehi also met with Iraqi Vice President Adel Abdul-Mahdi and former Prime Minister Ibrahim al-Jaafari.

Russian FM in Iraq to discuss oil, arms

Iraqi FM Hoshyar Zebari (R) holds a joint press conference with his Russian counterpart Sergei Lavrov in Baghdad on May 10

Source: Press TV
http://www.presstv.ir/detail/179209.html

The Russian Foreign Ministry says Moscow is ready to boost military relations with Iraq and invest in the war-torn country.

"We are ready to develop cooperation in other spheres, including the military-technical," Russian Foreign Minister Sergei Lavrov was quoted as saying by RIA Novosti during an official visit to Baghdad.

The Russian foreign minister was welcomed by his Iraqi counterpart Hoshyar Zebari on Tuesday and is scheduled to meet with Iraqi President Jalal Talabani to discuss bilateral energy and military cooperation.

"It is planned to discuss the possible participation of Russian companies in the realization of various projects in Iraq, including agriculture, water management, transport, exploration and other spheres," the Russian Foreign Ministry had said ahead of the trip.

The visit comes amid Russian oil and gas companies' efforts to further increase their activity in Iraq.

In 2010, Iraq signed a deal with Russia's Lukoil and Statoil of Norway to expand the West Qurna Phase 2 oilfield, one of the country's largest, which has reserves of around 13 billion barrels of oil.