Russia-Iran Gas Deal Moves Forward, Yet Flows Remain Halted
A $40 billion MOU from 2022 has hardened into a 2024 agreement, but as of mid-2026 no gas has been shipped, and Baku stays quiet.
The 2022 memorandum of understanding between NIOC and Gazprom worth $40 billion has evolved into a formal Gazprom-NIGC deal in June 2024.
Tehran aims to import up to 20 bcm annually, while Russia’s energy ministry confirmed an initial supply of around 2 bcm, potentially expanding to 55 bcm.
Despite the agreements, no gas deliveries have begun as of mid‑2026. Azerbaijan has refrained from public comment, cautious about being seen as a transit route for sanctioned Russian gas.
Source: First Squawk