Dhaka, April 25 -- Iran is set to sign a $4 billion energy agreement with Russian companies to jointly develop seven oilfields, Oil Minister Mohsen Paknejad announced on state television on Friday.

The deal marks a significant step in Tehran and Moscow's efforts to enhance cooperation across multiple sectors as both face mounting Western sanctions.

"The deal aims to develop seven Iranian oilfields in cooperation with Russian firms," Paknejad said, underscoring the growing energy alliance between the two countries.

Since the outbreak of the war in Ukraine, Iran and Russia have increasingly aligned, strengthening cooperation in areas such as defence, banking, agriculture and energy, reports Al Jazeera.

In January, the two countries form...