Iran’s Energy Exchange (IEE) and the St. Petersburg International Mercantile Exchange (SPIMEX) have signed a memorandum of understanding aimed at laying the groundwork for joint trading and closer regional cooperation in energy markets.

The agreement was signed by Mohammad Nazifi, CEO of the Iran Energy Exchange, and Igor Artemiev, CEO of SPIMEX, on the sidelines of the Russian Energy Week 2025 in Moscow on Wednesday.

Under the memorandum, the two exchanges committed to accelerating processes for joint energy trading, cross-listing market participants, and implementing joint training and research programs. The partnership also includes plans for technical cooperation and experience-sharing to strengthen regional energy market integration.

Nazifi described the signing as “the first step toward the unification of regional energy exchanges,” adding that such an alliance could enhance the region’s influence in global energy markets.

Artemiev called the deal “a great honor,” noting that while the two exchanges trade similar commodities, Iran’s technological and operational approaches offer valuable experience for Russia to learn from.