Iran and Russia Are Building A Counter Market to the Abraham Market

The new partnership lays the foundation for establishing a regional market to compete with the US-led Abraham Market.

On 17 January, Iran and Russia signed a long-awaited Comprehensive Strategic Partnership Agreement in Moscow. The agreement emphasises cooperation in both domestic and international security, covering areas such as military, intelligence, and information security. It also highlights enhanced economic collaboration, particularly in alignment with the two countries' North-South International Transport Corridor plans and efforts to strengthen supply chain resilience. The partnership comes at a critical moment as both countries brace for Trump-induced sanctions, building upon a shared ideological foundation that the competing Russo-Emirati relationship lacks.

Increased Security and Trade Cooperation

At the turn of the century, Russo-Iranian relations began steadily increasing as both countries sought to strengthen cooperation in response to US-led Western sanctions. These sanctions and isolation from the global community have significantly weakened their respective economies, further exacerbated in recent years by the Russia-Ukraine War and Iran’s involvement in the Axis of Resistance, along with the consequent sanctions that followed. Their survival has been hailed as miraculous, but it is largely owed to their bilateral efforts and alignment with an alternate, BRICS-led system. Both countries are now expected to face a fresh set of sanctions with Donald Trump taking office, as recent reports indicate a tightened sanctions plan aimed at securing a Russia-Ukraine deal, which also carries significant ramifications for Iran.