Russia plans to loan Iran billions of dollars

Russia plans to offer Iran an interstate loan worth roughly $5 billion, as well as another 2 billion euros through Vnesheconombank, according to Energy Minister Alexander Novak, who says the two nations are currently in talks about the deal.

The Russian Ministry of Finance says there's not yet a final decision on the loans. According to Svetlana Nikitina, an aide to Finance Minister Anton Siluanov, there's not enough money in the Russian budget to fund such loans.

• The news agency RIA Novosti earlier reported that a senior official in Iran's Ministry of Industry said the loans would amount to $7-8 billion for joint Russian-Iranian projects. According to the official, all that was left to secure the agreement were relatively minor technical details.