Under mounting international sanctions, Russia and Iran have signed an agreement to make joint efforts to counter Western sanctions.

“Declaration of the Russian Federation and the Islamic Republic of Iran” was signed on Tuesday by Iranian Foreign Minister Hossein Amir-Abdollahian and his Russian counterpart Sergei Lavrov at the end of a forum of Caspian Sea littoral states in Moscow. Lavrov was hosting Amir-Abdollahian ahead of a visit by Iranian President Ebrahim Raisi to Russia on December 7.

"We have just signed a declaration on ways and means to counteract, mitigate and compensate for the negative consequences of unilateral coercive measures," Lavrov said.

Both nations have found themselves increasingly isolated on the global stage due to their destabilizing actions. Notably, only a handful of countries, including pariah states like North Korea, and Eritrea, stood by Russia following its invasion of Ukraine.

The United States, the European Union, and other allies responded to Russia's actions with a barrage of sanctions, making Russia one of the most heavily sanctioned countries globally. The impact on the Russian economy has been palpable, with the ruble experiencing a sharp decline.

Iran, too, has been grappling with sanctions over its nuclear and missile programs, human rights violations and support for terrorism.

Since the US withdrawal from the JCPOA nuclear deal and the subsequent imposition of stringent economic sanctions on Iran in early 2018, the Iranian rial has experienced a twelvefold depreciation. The significant loss in value has resulted in a substantial increase in the cost of imports, consequently contributing to a persistently high inflation rate of approximately 50 percent over the last three years.