Posted By Global Banking and Finance Review
Posted on May 21, 2025
DUBAI (Reuters) -Iran's parliament approved a 20-year strategic partnership on Wednesday between Moscow and Tehran, state media reported. The agreement represents a deepening of bilateral ties including closer defence cooperation.
Russian President Vladimir Putin and his Iranian counterpart Masoud Pezeshkian signed the strategic partnership document on January 17.
The Russian legislative branch approved the pact in April. While the agreement does not include a mutual defence clause, it says both countries will work together against common military threats, develop their military-technical cooperation, and take part in joint exercises.
Since the start of the war in Ukraine in 2022, Iran and Russia have deepened military ties, with Western countries accusing Iran of providing missiles and drones for Russian attacks on Ukraine. Tehran denies providing weapons for Russian use in Ukraine.
The strategic pact also includes several clauses aimed at boosting economic partnership, notably by strengthening direct interbank cooperation and promoting their national financial products.
A free trade deal between Iran and the Russian-led Eurasian Economic Union went into effect last week, cutting down tariffs to boost trade between the two economies, which are both under heavy Western sanctions.
(Reporting by Dubai NewsroomEditing by Frances Kerry)
