Russia now ranks as Iran’s biggest foreign investor

Russia has surpassed China to clinch the title of Iran’s biggest foreign investor, Bloomberg reports, citing Iran’s Donya-e Eqtesad.

According to the newspaper, Russia particularly spent around $2.7 billion on two oil projects in Iran’s Ilam Province since August 2021. The UAE, Afghanistan, Turkey, and China are among the other big investors in Iran.

Despite its capabilities, Beijing in the past year reduced investment into the country, stopping at logistics centres and border projects which are directly linked to China’s export into Iran, Bloomberg writes.

Russia and Iran have the most sanctions imposed against them by the Western countries which naturally pushes them closer together: Moscow has been actively cooperating with Tehran in military, space, and financial sectors at the backdrop of the tightening international isolation and to show gratitude for Iranian drones.

However, despite “great relations” with Moscow, Tehran does not recognise annexations of Crimea and four more eastern regions of Ukraine, Iran’s foreign minister said earlier.