Moscow [Russia], June 8 (ANI): Russia has become the largest foreign investor in Iran's economy in 2024, with investment volumes projected to touch USD 8 billion -- a major portion of which is being directed towards gas infrastructure projects.

The Iranian Ambassador to Moscow, Kazem Jalali, confirmed the development, as reported by Mehr News Agency, a media partner of TV BRICS.

Of the total figure, USD 5 billion has already been committed under bilateral agreements, while the remaining USD 3 billion is tied to pending deals currently under finalisation.

The surge represents a sharp jump from the 2022-2023 fiscal year, when Russian investments stood at USD 2.76 billion -- then already accounting for the lion's share of Iran's total foreign direct investment of USD 4.2 billion, according to TV BRICS report.

Energy cooperation continues to anchor the strategic ties between Moscow and Tehran. Earlier this year, officials from both countries finalised the route of a major gas pipeline, with initial supply volumes estimated at 2 billion cubic metres.

The project has a long-term capacity potential of up to 55 bcm annually. By April 2025, Iran had completed around 90 per cent of the infrastructure required to enable the transit of Russian gas through its territory.

In addition to the pipeline initiative, Moscow and Tehran are actively engaged in talks with regional stakeholders on the formation of a regional energy hub. The agenda includes the development of swap agreements and the possible launch of an electronic gas trading platform in southern Iran, TV BRICS reported.

The growing investment and strategic coordination reflect deepening economic ties and alignments in the energy sector, as both nations seek to enhance regional influence and reduce reliance on Western systems amid shifting global dynamics. (ANI)