According to Kommersant, Russia's state development bank Vnesheconombank (VEB) will provide a loan of 11.2 bn rubles ($140 mn) to Uralvagonzavod to cover costs.
The cars will be developed for use by Iranian Railways, the paper reported. The deliveries are expected to begin before the end of 2016.
The agreement reportedly comes as part of VEB’s plans to subsidize export contracts for the supply of 15,000 rail cars of different types to Iran, Azerbaijan, Kazakhstan, Egypt and Cuba.
Iran emerged out of international sanctions in January, after it was found in compliance with last summer's nuclear agreement, paving the way for the termination of EU, UN and partial US sanctions.