Russia has become the largest foreign investor in Iran over the past year, Iranian officials told Britain’s Financial Times on Thursday, amid heavy sanctions imposed by Western countries on the two countries.
Iranian Finance Minister Ehsan Khandozi said, “Russia has invested $2.76 billion in Iran over the past year while opening various projects in the industry and transportation sectors.”
“We define our relations with Russia as strategic and we work together on many aspects, especially on the economic front. China and Russia are two economic partners, and Iran will expand its relations with Russia through the implementation of strategic agreements,” he added.
Recently, many Russian delegations have been present in Iran, seeking agreements to circumvent Western-imposed sanctions. According to sources, Iran was eager to develop new trade relations in order to strengthen its economy. Russia was responsible for two-thirds of total foreign investment in Iran, according to data from Tehran’s Finance Ministry.
Raisi’s delegation has prioritized the development of regional trade relations since taking office in 2021. As a result, Khandozi noted that last month Iran was able to increase its oil exports for the first time in two years to 1.3 million barrels per day, despite U.S. sanctions.