Russia has overtaken China as the most important investor in Iran, newspaper Donya-e Eqtesad reported, citing a senior commerce official.
Ali Fekri, head of the state-run Group for Funding and Financial and Technical Help of Iran, mentioned Saturday that Russia had spent some $2.7 billion on two oil tasks within the western province of Ilam since hardliner Ebrahim Raisi’s authorities got here into energy in August 2021.
The United Arab Emirates, Afghanistan, Turkey and China had been the following greatest buyers. Whereas China had “extra capability,” it decreased spending over the previous yr, limiting it to logistics facilities or border amenities which might be linked to its personal exports to Iran.
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Iran and Russia have strengthened ties considerably since Moscow’s invasion of Ukraine in late February final yr. There have been a number of high-ranking visits and a raft of agreements to broaden commerce and navy cooperation between the 2 nations.
The Persian Gulf nation has been sanctioned and closely criticized by the European Union and the US for supplying Moscow with drones which were used within the warfare in Ukraine. Iran and Russia are each closely sanctioned and have been working collectively to seek out methods to bypass the penalties.
Fekri mentioned Russia has invested by both sending bodily money to Iran or by utilizing international foreign money merchants.