Russian President Vladimir Putin and Iranian President Ebrahim Raisi signed an agreement by video call today to build a new rail line between the northern Iranian cities of Rasht and Astara, a small (162 km) but key link in the International North-South Transport Corridor (INSTC) project which is finally advancing after two decades of planning. The 7,200 km corridor will link St. Petersburg and Moscow to India’s Mumbai through Iran’s Chabahar Port on the Indian Ocean, connecting ship, rail and road routes for cargo among India, Iran, Russia, Azerbaijan, Central Asia and potentially Europe.
The $1.6 billion equivalent contract, primarily funded by Russia, was signed by Russia’s Transport Minister Vitaly Savelyev and Iran’s Roads and Urban Development Minister Mehrdad Bazrpash, with Putin and Raisi present by video.
