According to Iran’s Foreign Investment Organization, Russia funded the regime with $2.7bn under the Ebrahim Raisi administration.

The head of the FIO, Ali Fekri, disclosed the figures on Monday, stating that the majority of direct investment from abroad came from Russia, the UAE, China, Turkey, Iraq, India and Oman.

“Over the course of the Raisi administration until December, a total of $10.6 billion in capital entered Iran, with Russia accounting for approximately $2.7 billion of the amount. The oil and gas sector saw the highest capital attraction, with five investments totaling around $4.8 billion,” he said.

Comparing foreign investments, Turkey received $4.8 billion in foreign direct investments only in the first half of 2023.

Saudi Arabia is aiming to attract $3 trillion in foreign investment by 2030, to improve economic development, technology transfer, job creation, and boosting non-oil exports.

Unlike Turkey and Saudi Arabia, where foreign investments play a significant role in driving economic growth and infrastructure development, Iran faces challenges in tapping into its potential as an attractive destination for foreign capital.

The militant activities of its proxies abroad, economic sanctions, human rights abuses at home and regulatory uncertainties continue to hinder Iran’s potential to attract investment.