Russia becomes Iran’s top foreign investor in 2024

Russia became the leading foreign investor in Iran’s economy in 2024, according to Iranian Ambassador to Moscow, Kazem Jalali. The volume of Russian investments is expected to reach US$8 billion, primarily focused on gas infrastructure projects within Iran. This is reported by Mehr News Agency, a partner of TV BRICS.

Of the total investment, US$5 billion has already been allocated under specific bilateral commitments, while the remainder is linked to agreements that are currently being finalised.

This marks a significant increase compared to the 2022–2023 fiscal year, when Russia invested US$2.76 billion in Iran, accounting for the majority share of the country’s total foreign direct investment of US$4.2 billion.

According to the source, energy cooperation between the two countries continues to expand. In early 2025, Russian and Iranian officials confirmed agreement on the route of a gas pipeline. Initial deliveries are projected at 2 billion cubic metres, with potential to scale up to 55 bcm. By April, Iran had completed the necessary infrastructure to transit Russian gas through its territory, with the project reportedly 90 per cent complete.

Additionally, Russia and Iran are in talks with regional partners on forming an energy hub and developing swap agreements. Discussions also include the possible creation of an electronic gas trading platform in southern Iran.

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