Iran foreign minister to meet key ally Putin
MOSCOW: Iranian Foreign Minister Abbas Araghchi was due to hold "important" talks with key ally Vladimir Putin on Monday (Jun 23), 48 hours after a major US attack on Iran's key nuclear facilities.
Moscow is a crucial backer of Tehran, but has not swung forcefully behind its partner since Israel launched a wave of attacks on Jun 13, strikes that triggered Iran to respond with missiles and drones.
While Russia condemned the Israeli and US strikes, it has not offered military help and has downplayed its obligations under a sweeping strategic partnership agreement signed with Tehran just months ago.
"In this new dangerous situation ... our consultations with Russia can certainly be of great importance," Russian state media reported Araghchi as saying after landing in Moscow.
The official IRNA news agency reported Sunday that Araghchi would "hold consultations with the president and other senior officials of Russia regarding regional and international developments following the military aggression by the United States and the Zionist regime against Iran".
Putin initially pitched himself as a possible mediator between Iran and Israel, but on Friday said he was only "suggesting ideas", after US President Donald Trump pushed back against a role for the Kremlin leader.
"We are by no means seeking to act as a mediator, we are simply suggesting ideas," Putin said at an economic forum in Saint Petersburg.
"If they turn out to be attractive to both sides, we will only be happy," he added.
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Despite this and in light of the recent US strikes on Iranian nuclear sites, global energy prices have begun to factor in the prospect of more sustained disruption. Prices have increased not only in spot markets, but also in futures markets as far as 12 months out. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up In contrast, the 2019 Iranian strikes on Saudi energy infrastructure proved temporary in their impact on global oil supply. There was limited effect on six and 12-month oil futures prices in the immediate aftermath of the attacks. Admittedly, the June moves in crude prices remain short of the market pricing following both the 1990 Iraqi invasion of Kuwait as well as the 2022 Russian invasion of Ukraine, which resulted in prolonged disruption in global energy flows, leaving risk for markets should further escalation emerge. 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