Iranian President Ebrahim Raisi at the lower house of Russia's Parliament. AP.
Russia has become Iran's largest source of foreign direct investment.
The two countries have increased cooperation after Russia's invasion of Ukraine in a bid to circumvent Western sanctions.
- Iran's finance minister, Ehsan Khandouzi, said that Russia invested $2.76B in Iran over the financial year that ended this week.
- U.S. officials have accused Iran of selling armed drones to Russia to support its war in Ukraine, charges that Tehran denies.
- Tehran and Moscow agreed in January to link their interbank communication and transfer systems to boost bilateral trade.
- Khandouzi
cited a 12% increase in non-oil exports for the first 11 months of the
fiscal year as evidence that “Iran’s economy cannot be isolated."
- He said that Iran's oil exports reached a new record high in February, despite heavy U.S. sanctions.
- While
Iran has seen growth in some sectors, its inflation rate has risen
above 47% while the national currency sits at record lows against the
U.S. Dollar.
Zoom Out:
- Iran has faced U.S. sanctions since 1979.
- Western countries began sanctioning Russia's economy following Moscow's invasion of Ukraine last year.
