[ad_1]
Russia has overtaken China as the largest 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, stated Saturday that Russia had spent some $2.7 billion on two oil initiatives 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 have been the following largest buyers. Whereas China had “extra capability,” it lowered spending over the previous 12 months, limiting it to logistics facilities or border amenities which can be linked to its personal exports to Iran.
Learn extra: Britain’s law to deport ‘foreign criminals’: Explained
Iran and Russia have strengthened ties considerably since Moscow’s invasion of Ukraine in late February final 12 months. There have been a number of high-ranking visits and a raft of agreements to develop commerce and navy cooperation between the 2 international locations.
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 search out methods to bypass the penalties.
Fekri stated Russia has invested by both sending bodily money to Iran or by utilizing overseas foreign money merchants.
[ad_2]
Source link
