Iran Looks to Russia to Help Bail Out Its Economy amid U.S. Sanctions

Iran on Monday reached out to its ally in Syria, Russia, for help to boost its economy amid looming U.S. sanctions.

In May, U.S. President Donald Trump’s administration, which considers both Tehran and Moscow threats worthy of American sanctions, pulled out of the controversial Iran nuclear deal approved in July 2015 with Russia’s help.

Both Iran and Russia have condemned the Trump administration for withdrawing from the deal, a move that will reimpose U.S. sanctions suspended under the accord to choke off the Iranian economy.

Citing the Kremlin, Reuters reported that Iranian Foreign Minister Mohammad Javad Zarif and his Russian counterpart Sergei Lavrov discussed ways to enhance Tehran-Moscow energy cooperation over the telephone on Monday.

“Iran and Russia, both faced with US sanctions, have devised plans to increase trade interaction and ease mercantile regulations,” Iran’s state-run Tasnim News Agency added.

In addition to reintroducing the sanctions suspended under the Iran deal, the Trump administration has imposed new economic restrictions on the Islamic Republic.

It has also imposed sanctions against third countries that conduct business with Iran. The first round of sanctions took effect in August with a second round expected in early November.

Defying the Trump administration’s call to cut off the Iranian economy completely, India’s Oil Minister Dharmendra Pradhan said on Monday that his country would continue purchasing crude oil from the Islamic Republic, Reuters revealed.

India’s move marks the second time in recent weeks New Delhi has disregarded the Trump administration’s threat of sanctions.

Last week, Russia and India finalized a multi-billion-dollar arms deal despite U.S. warnings of sanctions against countries that buy Russia military hardware.

Referring to India’s decision to continue buying oil from Iran, Reuters reported:

India hopes to secure a waiver from U.S. sanctions on Iran before they take effect on Nov. 4, as it had significantly cut Iranian oil imports before the deadline, officials said on Monday…Washington said on Friday it was considering waivers for nations that were reducing imports of Iranian oil. The announcement, the first indication Washington was considering such waivers, followed a Reuters report that India planned to lift some Iranian oil in November although it has been cutting back on Iranian imports recent months.

Echoing the Trump administration, the conservative Heritage Foundation recently listed Iran and Russia as top threats facing the United States.

Iran and Russia have allowed Syrian dictator Bashar al-Assad to remain and power and seize more territory than any other warring party in the country.