Russia has overtaken China as the largest investor in Iran, according to the Iranian Duniae Eqtesad newspaper, quoting a senior trade official.

Ali Fikri, head of the Iranian government’s Investment, Economic and Technical Assistance Authority, said on Saturday, that Russia has spent about $2.7 billion on two oil projects in the western province of Ilam since the Iranian President Ibrahim Raisi’s government came to power in August 2021.

The UAE, Afghanistan, Türkiye and China were the next largest investors.

And While China has more capacity, it has cut spending over the past year, limiting it to logistics hubs or border facilities linked to its exports to Iran.

Iran and Russia have greatly strengthened relations since Moscow’s invasion of Ukraine in late February of last year.

There have been several high-level visits and a set of agreements to expand trade and military cooperation between the two countries.

Fikri stated that Russia invested either by sending physical money to Iran or by using foreign exchange dealers.

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