BRICS: Russia and Iran Working on Huge Partnership Deal

Dave Baker

According to a Russian Foreign Ministry spokesperson, BRICS Members Russia and Iran are reportedly working on a new partnership treaty. Maria Zakharova said Wednesday that Moscow was working on what she called a big treaty with Iran.

“Now we are working on a treaty — probably you have heard about it, and I ask you once again not to use the formula ‘the same as the one with North Korea’ — now the work is underway on the big treaty with Iran,” Zakharova said at a press conference on Wednesday. Previously, Russia and Iran signed a 20-year strategic agreement in 2001 that was automatically extended in 2020 for five years. Now that Iran is a member of BRICS, that alliance between the two nations has been strengthened.

Zakharova was referencing a new bilateral cooperation agreement being negotiated between Tehran and Moscow. The two countries have been working on strengthening their ties with one another since Iran joined the block last August. Late last year, both Iran and Russia also agreed to trade in local currencies, ditching the US dollar. Furthermore, in January, Russia’s Foreign Ministry said that a new interstate treaty reflecting the “unprecedented upswing” in Russia-Iran ties was finally agreed upon.

BRICS Members Continue To Strengthen Bonds With One Another

Also Read: Major U.S. Sector To Be Affected If BRICS Ditches the Dollar

The BRICS alliance is continuing to establish ties among its members. Since its expansion, the bloc has garnered more interest among countries worldwide. With Iran entering a new era by joining the alliance, its relationship with Russia will be strengthened by the treaty. Iran will likely also continue its de-dollarization efforts upon signing this treaty with Russia, strengthening the geopolitical and economic ties between the two nations.

Iran has also strengthened its ties with other BRICS nations since its induction, including China. Along with China, Iran boosted its oil exports to a new six-year high a few months ago. Oil has become a major influence on BRICS income since the group expanded in 2023, and Iran is a contributor to that influx.