Russian President Vladimir Putin will visit Tehran soon as Moscow commits to $8bn  investment in Iranian gas projects, Iran's ambassador to Russia said.

Kazem Jalali told Iranian and Russian experts during a Wednesday meeting that Russia had allocated the highest rate of foreign investment in Iran for 2024, focusing on energy sector projects, particularly oil and gas, Al-Alam reported on June 5.

The ambassador said Russia had committed to investing $8bn  in Iranian gas projects under bilateral agreements, with nearly $5bn confirmed and remaining contracts under approval.

Jalali said bilateral relations had been elevated to strategic level with high-level exchanges between officials, adding: "We will soon witness Mr Vladimir Putin's visit to Tehran."

The visit follows implementation of the comprehensive strategic partnership treaty between Iran and Russia and the free trade agreement with the Eurasian Economic Union taking effect.

Jalali highlighted opportunities ahead for both countries, including continued negotiations on Russian gas transit through Iran, Russia's purchase of 50,000 hectares for the Rasht-Astara railway construction to complete the North-South corridor, and geological studies.

He described expansion of monetary and banking relations as another example of enhanced bilateral ties, noting the connection of Mir and Shetab payment networks enabling banking transactions for small-scale trade, Iranian students in Russia and tourists.

The developments come after Iranian President Masoud Pezeshkian visited Moscow in late December 2024, signing the comprehensive strategic agreement with Putin at the Kremlin.

Russia has become a key economic partner for Iran as both countries face Western sanctions, with cooperation spanning energy, transport infrastructure and financial systems.

The North-South transport corridor aims to create a multimodal route connecting Russia to India via Iran, reducing shipping times and costs compared to traditional routes through the Suez Canal.

Banking system integration allows Iranian and Russian citizens to use domestic payment cards in both countries, circumventing international financial restrictions.