Putin highlights stronger Iran-Russia economic ties amid US sanctions concerns

Iran is already a member of BRICS and other economic groups that bring it close to Russia.

By SETH J. FRANTZMAN DECEMBER 5, 2024 11:08

Russian President Vladimir Putin chairs a meeting with the Ministry of Defence leadership, representatives of the defense industry and missile systems developers, in Moscow, Russia November 22, 2024. (photo credit: Sputnik/Vyacheslav Prokofyev/Pool via Reuters)

Russian President Vladimir Putin highlighted trade and economic relations with Iran during a recent event in Moscow. Iranian media has made light of this because Iran is eager to secure closer ties to Moscow.

Iran is already a member of BRICS and other economic groups that bring it close to Russia. However, with a new Trump administration looming, Tehran is concerned about US sanctions.

Iranian media reported that Putin “Putin made the remarks during a plenary session of the 15th VTB Russia Calling! Investment Forum is being held in Moscow with its main theme, ‘The Future of Capital and the Capital of the Future,’” IRNA reported in Tehran. “Currently, good projects in the fields of logistics, energy, industrial and security cooperation between the two countries are being implemented," Putin said.

Iran and Russia want to work on an economic North-South Corridor, which will include rail links and other initiatives. Putin also “expressed hope that Russia and Iran will sign a comprehensive strategic partnership agreement during the upcoming visit of Iranian President Masoud Pezeshkian to Moscow,” IRNA reported.

Russian President Vladimir Putin, Iranian President Ebrahim Raisi and Turkish President Tayyip Erdogan attend a news conference following the Astana Process summit in Tehran, Iran July 19, 2022. (credit: Sputnik/Sergei Savostyanov/Pool via REUTERS)

There is a move toward something called the Tehran-Moscow Comprehensive Cooperation Agreement. “The Kremlin spokesman also said on Tuesday that preparations for Pezeshkian’s visit are underway, but the timing has not yet been fixed.”

Iran and China strengthen strategic relations

Meanwhile, Iranian President Masoud Pezeshkian met with Chinese Vice Premier Zhang Guoqing and discussed the “implementation of a comprehensive agreement with China,” Iranian state media said. “During the Wednesday meeting with Guoqing in Tehran, Pezeshkian highlighted his constructive discussions with his Chinese counterpart Xi Jinping on the sidelines of the BRICS summit in Kazan, Russia.” Pezeshkian is focused on implementing a comprehensive agreement with China.

"In my recent meeting with Mr. Xi Jinping, we reached a good understanding. Your visit to Tehran to follow up on these discussions further demonstrates the Chinese government's commitment to expanding relations with Iran,” the Iranian leader said.

Iran is a strategic and important partner for China, Iranian state media noted, echoing the remarks of the Chinese official. “Chinese Vice Premier noted that China has adjusted its policy towards Iran to focus on expanding and strengthening its long-term strategic relations,” IRNA added.