Iranian Foreign Minister Abbas Araghchi met Russian President Vladimir Putin in St. Petersburg on April 27, 2026, to discuss the ongoing conflict in and around Iran, highlighting their Comprehensive Strategic Partnership Treaty signed in January 2025. Russia has gained economic benefits from Iran's closure of the Strait of Hormuz, which increased global oil demand and prices, prompting the United States to temporarily ease sanctions on Russian seaborne oil exports as of March 12.
This allowed Russia to sell 140 million barrels of stranded oil. However, Moscow's robust military support for Iran risks damaging its economic and diplomatic ties with wealthy Gulf states, whose trade with Russia, particularly the UAE, significantly outweighs that with Iran. Russia is constrained from acting as a primary mediator in the Iran conflict due to its ongoing war against Ukraine, which also endangers key trade corridors like the International North–South Transport Corridor (INSTC). Despite its partnership with Iran, Russia prioritizes its strategic and economic agreements with Gulf monarchies, as evidenced by a visa-free regime with Saudi Arabia. Moscow has stated it is "not trying to enter this negotiation process" between the U.S. and Iran.
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