Russia is Now the Biggest Foreign Investor In Iran
Jose Nino
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According to an Iranian deputy finance minister, Russia has become the largest source of foreign investment in Iran in the past 15 months. This has occurred despite the imposition of US sanctions that prohibit counties and entities from conducting business activity in Iran.
Ali Fekri, who is the head of the Organization for Investment & Economic and Technical Assistance of Iran, claimed that the Russians injected $2.7 billion worth of investment to two petroleum projects in Iran over the last 15 months.
Fekri said that the figure makes up about 45% of total foreign investment that Iran has attracted over this period.
One of the more shocking observations that the official made was Iran’s disappointment with China in terms of its investment activity. The official noted that Iran has been unhappy with the degree of Chinese investment in economic and energy projects in Iran over the course of 15 months towards the end of 2022.
“China has invested nearly $185 million in Iran over that period which we are not happy with given the amount of negotiations and meetings we had,” he stated.
Fekri said Iran originally set a target of $10.2 billion in direct foreign investment for the 15 months to December in 2022. Roughly $5.95 billion in foreign investment was actually injected into the country’s economy.
Fekri claims the figure was significantly higher than investments that Iran previously attracted in the years after the signing of a nuclear agreement between Iran and the premier global powers back in 2015.
Due to Russia and Iran being heavily sanctioned by the Collective West, both countries have naturally gravitated towards each other. In turn, both countries will draw closer to China as hostilities between it and the West intensify. These are some of the new realities about the emerging multipolar order that many geopolitical strategists in the Collective West refuse to accept much to their own countries’ detriment.
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