The outbreak of a Russian-Saudi oil price war earlier this month might offer some comfort to Iran, a country which has in recent years become unnerved by the increasingly close ties between Moscow and Riyadh. However, it is premature to see an Iranian geopolitical win emerging from the Russian-Saudi spat, and history should give Tehran plenty of reservations about Moscow’s ability to deliver on its economic promises to Iran. 

With Iran and Russia both large exporters of oil and natural gas, closer economic cooperation would invariably involve the energy sector. And given the size of their economies, the entire Caucasus and Central Asia region will feel the impact should Russia-Iranian relations tilt one way or another. Iran and Russia will likely continue to pay lip-service to the idea of an economic partnership, but each side will remain preoccupied with larger concerns. This is a tale of unfulfilled economic potential. 

Read the full publication at The Middle East Institute.