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Russia to invest $40 billion in Iran’s oil sector

The news came during Russian President Vladimir Putin’s visit to Iran and may have been motivated by US sanctions.
(L-R) Russian President Vladimir Putin, Iranian President Ebrahim Raisi and Turkish President Recep Tayyip Erdogan.

Russia signed a major investment deal with Iran today. 

Russia will invest $40 billion in Iran’s oil industry, building upon the $4 billion the Eurasian country has already invested in the sector. The move follows a cooperation agreement between Russian companies, including the gas giant Gazprom, and the Islamic Republic. Private Russian companies will invest in the Iranian oil sector, and details will be discussed between officials in both countries, the official Islamic Republic News Agency reported today. 

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