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Russia becomes Iran largest foreign investor: Iran Finance Minister

March 24, 2023 at 6:36 pm

Ehsan Khandouzi, Iranian Economy Minister [@TehranBazaar/Twitter]

Russia has become Iran’s largest foreign investor, Tehran’s Finance Minister said in an interview published on Thursday.

Russia invested $2.76 billion in the Islamic Republic during the current financial year, which ended this week, Ehsan Khandouzi told the Financial Times. These investments were made in various sectors such as the industrial, mining and transport sectors, according to the Minister.

“We define our relations with Russia as strategic and we are working together in many aspects, especially economic relations,” said Khandouzi.

Russian exports to Iran increased by 27 per cent, while imports hiked by 10 per cent in 2022, according to a report published by Financial Tribune.

READ: Russian investors flocked to Turkiye in 2022 following Western sanctions