Why isn’t Russia backing Iran?

Hello! Welcome to your weekly guide to the Russian economy, written by Alexander Kolyandr and Alexandra Prokopenko and brought to you by The Bell. This week our top story is about Russia’s decision to remain on the sidelines in the Iran-Israel war. We also look at the first official statements about the imminence of a recession.

Russia has much to gain from a protracted conflict in the Middle East

Moscow seems to be content with a bystander role in the war between Iran and Israel. Despite the not-insignificant economic ties between Moscow and Tehran, speaking up for Iran on the international stage offers no obvious benefit, a mediation role for the Kremlin is likely unachievable (however desirable), and the longer the war goes on, the more money it generates for Russia’s coffers.