MOSCOW, May 22 (Press Shia Agency) – The state railroad monopoly Russian Railways considers its project on the electrification of the railway in Iran completely civilian and not subject to US sanctions, the company’s CEO Oleg Belozerov said in an interview with Sputnik before the St. Petersburg International Economic Forum.

Russian Railways has signed a contract and is preparing for the electrification of the Garsar-Ince Burun railway line with the supply of track equipment and 40 locomotives.

The project is estimated at 1.2 billion euros ($1.41 billion). It will be financed from the Russian government’s state export credit to the government of Iran. The work is scheduled to begin in July 2018.

SPUTNIK/Press Shia Agency