Arabic version: إيران تبحث عن دعم اقتصادي من روسيا خلال حصار هرمز

As Iran faces economic challenges due to a blockade of the Strait of Hormuz, the country is increasingly looking towards Russia for support. With Gulf shipping lanes disrupted and oil exports limited, Tehran is seeking alternative trade routes, including railways and Caspian ports, to bolster its economy. According to Al Jazeera, Iranian Foreign Minister Abbas Araghchi recently visited St Petersburg to discuss these matters with Russian President Vladimir Putin, praising Moscow’s “firm and unshaken” support.

The economic ties between Iran and Russia have grown since the U.S. withdrew from the 2015 nuclear deal and reimposed sanctions on Tehran in 2018. The current trade is primarily focused on agricultural products and machinery, with trade turnover reaching $4.8 billion last year [2024]. However, experts caution that this trade relationship remains modest compared to Iran’s dealings with China and Gulf nations.

One of the critical components of trade between the two nations is the International North-South Transport Corridor (INSTC), which provides an alternative route for goods to move from Russia to Iran and onward to Asia. This corridor has gained significance, particularly for Russian exports to Iran, but analysts note that it cannot replace the efficiency of maritime trade through the Strait of Hormuz.

While some experts believe Russia could offer a temporary lifeline to Iran, the long-term economic viability of such support is questionable. The ongoing U.S.-Israel conflict and Russia’s own economic troubles may limit Moscow’s willingness to invest significantly in Iran. Despite the challenges, there are views that supporting Iran could benefit Russia by stabilizing oil prices and maintaining a crucial ally in the region.