Iran and Russia have signed a memorandum of understanding (MoU) to increase cooperation in the energy sector, according to SHANA news agency, Reuters reported.

The Iranian Deputy Oil Ministry, Amir Zamaninia, has met his Russian counterpart in Tehran to sign the agreement, which covers oil, natural gas, petrochemicals, electricity, and nuclear aspects.

Iranian crude oil exports declined to around 400,000 barrels per day (b/d) in May, due to the US sanctions on Tehran and ending the waivers for major Iranian oil buyers.