Iran and Russia Strengthen Gas Ties Amid Sanctions

Iran and Russia are strengthening their energy ties as they seek to expand cooperation in the gas industry. According to Iran's official news agency IRNA, talks between Gazprom and Iran's National Iranian Gas Company have focused on opportunities for cooperation in Iran's gas sector.

The discussions come as both countries face Western sanctions that have complicated their access to international finance, technology, and energy markets. Iran has struggled to attract foreign investment and technology for developing its energy resources, while Russia's gas exports to European markets have fallen sharply since the start of the Ukraine war.

A memorandum signed in June 2024 between Gazprom and Iran's National Iranian Gas Company concerns the supply of Russian pipeline gas to Iran. This agreement follows a broader memorandum signed in 2022 between Gazprom and the National Iranian Oil Company, which was valued at about $40 billion and envisaged cooperation in developing Iranian oil and gas fields, LNG projects, and gas-export infrastructure.