A memorandum of understanding (MoU) signed between Tehran and Moscow on the potential transfer of Russian gas to the Islamic Republic would help to boost bilateral ties and serve the interests of the two sides and the region, Iran’s acting president said.

According to The Iran Project, “(Potential) implementation of the plan for transfer of Russia’s gas to Iran would serve not only the two countries’ economic interests, but also the interests of the entire region,” Mohammad Mokhber said on Wednesday, speaking on the phone with Russian President Vladimir Putin.

The MoU was signed earlier in the day between Iran’s Oil Minister Javad Owji and the special envoy of the Russian Federation and CEO of Russia’s energy giant Gazprom, Alexey Miller.

Upon turning into a contract and potential implementation, the agreement will reportedly enable Iran to import gas from Russia and supply it to Iraq, Turkey, and Pakistan.

Mokhber considered signing of the document to be an effective measure towards furtherance of the region’s economic development and a huge step in the direction of deepening the Russo-Iranian relations.

He described the bilateral ties as unchangeable, hailing the countries’ common attitude towards the regional issues, and expressing hope that the two sides’ efforts at enhancing regional stability would yield favorable results.

For his part, Putin expressed delight concerning signing of the MoU, which he lauded as a development favoring regional and international markets, Press TV reported.

The Russian head of state said Iran had proven that cooperation between the countries would not stay on paper and would enter the implementation phase.

He commended the administration of late Iranian President Ebrahim Raisi for its efforts at expansion and implementation of bilateral agreements, and wished the Islamic Republic success in its upcoming snap presidential election, which is slated for Friday, June 28.