Russia became Iran’s largest foreign investor in 2024

In 2024, Russia ranked first in terms of foreign investment in Iran’s economy, according to the Ambassador of the Islamic Republic in Moscow, Kazem Jalali.

News ID: ۲۰۰۱۳۹۴

05 June 2025

"In 2024, Russia was the largest foreign investor in Iran," the embassy’s press service quoted Jalali as saying.

According to the diplomat, the volume of Russian investments in gas projects on Iranian territory will amount to $8 bln. "In accordance with the agreement between the two countries, Russia intends to invest $8 bln in Iranian gas projects, including $5 bln under specific commitments, while agreements on the remaining contracts will be finalized in the near future," the embassy’s press service quoted Jalali as saying, TASS reported.

In the 2022-2023 fiscal year, Russia became the largest investor in Iran, investing $2.76 bln into the country’s economy. The total volume of foreign direct investment in Iran for the fiscal year amounted to $4.2 bln.

In January 2025, Russian Energy Minister Sergey Tsivilev announced that Moscow and Tehran had agreed on the route of a gas pipeline to Iran via Azerbaijan, and that negotiations were in the final stage of price coordination. Initial delivery volumes may reach up to 2 bcm, with the potential to increase to 55 bcm. In April, Jalali stated that Iran had completed all necessary infrastructure to transit Russian gas through its territory, noting that the issue was 90% resolved.

Russian Deputy Prime Minister Alexander Novak previously reported that Moscow and Tehran, with the participation of Qatar and Turkmenistan, were discussing the creation of an energy hub, as well as swap deliveries to northern Iran and the potential establishment of an electronic gas trading platform in the southern part of the Islamic Republic.