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Russia has finalised preparations to provide Iran with a $1 billion loan, with the funds ready for transfer once Tehran provides the necessary bank account details, Iranian media reported.
Iran’s semi-official Fars News Agency said the transfer has been delayed by disagreements among government bodies over how the money should be used.
The Planning and Budget Organization wants to spend the funds on vehicle imports, while the Oil Ministry has sought to purchase equipment for the oil industry.
The Agriculture Ministry, meanwhile, wants the money allocated to imports of essential goods.
The $1 billion loan is reportedly the first instalment of a planned $20 billion Russian credit line to Iran.
An Iranian lawmaker said in June that the broader loan was expected to be provided in Russian roubles at an annual interest rate of 6%.
Iran and Russia have been expanding economic and financial cooperation as both countries face extensive Western sanctions.
They are also seeking to increase the use of their national currencies in bilateral trade and reduce dependence on Western-controlled financial systems.
The latest development comes as Iran continues to face US sanctions targeting its oil exports, banking sector and access to the international financial system.
Washington has also imposed sanctions on Russian financial institutions accused of helping Iran circumvent sanctions.
