This article presents a comprehensive analysis of the institutional, financial, and legal foundations of project financing in the Islamic Republic of Iran, with particular emphasis on the impact of long-term international sanctions. The structural features of the Iranian project finance market are examined, including the application of Islamic banking principles, national civil law, and sovereign participation mechanisms. The effects of sanctions on the availability of financial resources are assessed, with special attention given to the strategies developed by Iranian market participants to operate under the prevailing restrictions. The study identifies the main categories of project finance lenders and systematizes the financial instruments applied in Iranian practice, including Islamic financing tools, hybrid contractual structures, and risk-sharing mechanisms between public and private participants. Particular focus is placed on the use of intermediary companies in friendly jurisdictions for cross-border payments. The findings suggest that Iran’s experience offers practical insights for jurisdictions operating under comparable sanctions regimes, including the Russian Federation. Specifically, the Iranian model demonstrates the potential for the effective use of alternative financial structures and non-traditional investment instruments to ensure project implementation
project financing, Iran, sanctions, Islamic finance, sovereign financial support, risk management, investment adaptation strategies
1. Agricultural Bank of Iran (Bank Keshavarzi) [Elektronnyy resurs]. – Rezhim dostupa: https://www.apraca.org/wpcontent/uploads/2005/06/iran bk profile.pdf (data obrascheniya: 21.07.2025).
2. Asia Pacific Energy Policy Information Center. Zakon o pooschrenii i zaschite inostrannyh investiciy (FIPPA, 2002) [Elektronnyy resurs]. – Rezhim dostupa: https:// policy.asiapacificenergy.org/node/2998 (data obrascheniya:14.07.2025)
3. Bank of Industry and Mine (BIM) [Elektronnyy resurs]. Rezhim dostupa: https://www.bim.ir/ (data obrascheniya:14.07.2025)
4. Bonbast. Exchange Rate Graph – Iranian Rial Free Market Rates [Elektronnyy resurs]. – Rezhim dostupa: https:// www.bonbast.com/graph (data obrascheniya: 14.07.2025).
5. ECO Trade and Development Bank [Elektronnyy resurs]. – Rezhim dostupa: https://www.etdb.org/ (data obrascheniya: 14.07.2025).
6. Export Development Bank of Iran (EDBI) [Elektronnyy resurs]. – Rezhim dostupa: https://www.edbi.ir/ (data obrascheniya: 14.07.2025).
7. FAOLEX (Food and Agriculture Organization of the UN). Polozheniya Grazhdanskogo kodeksa IRI (stat'i 183–300), reguliruyuschie obyazatel'stva i dogovory [Elektronnyy resurs]. – Rezhim dostupa: https://faolex.fao.org/docs/pdf/ ira206827.pdf (data obrascheniya: 14.07.2025).
8. Gatti S. Project Finance in Theory and Practice. 3rd Edition. Academic Press, 2023. – 600 p.
9. Groenendaal W.J.H., Mazraati M. A critical review of Iran›s buyback contracts. Energy Policy, 2006, vol. 34, issue 18, pp. 3709–3718. DOI: https://doi.org/10.1016/j.enpol.2005.08.011
10. ILIA Banking Industry Iran Whitepaper [Elektronnyy resurs]. – Rezhim dostupa: https://insights.ilia.co/files/ILIABankingIndustryIranWhitepaper.pdf (data obrascheniya:14.07.2025).
11. International Monetary Fund (IMF). Islamic Banking in the Islamic Republic of Iran and in Pakistan // iz knigi Islamic Banking / avtory – Abbas Mirakhor i Zubair Iqbal; Washington, D.C.: IMF, March 1987. – Glava II. [Elektronnyy resurs]. – Rezhim dostupa: https://www. elibrary.imf.org/downloadpdf/display/book/9780939934829/ ch002.pdf (data obrascheniya: 14.07.2025).
12. International Law Global (IR Global). Enforcement of International Arbitration Awards in Iran [Elektronnyy resurs]. – Rezhim dostupa: https://irglobal.com/article/ enforcementofinternationalarbitrationawardsiniran (data obrascheniya: 14.07.2025).
13. Iran Data Portal. Annual Budgets and Development Plans [Elektronnyy resurs]. – Rezhim dostupa: https:// irandataportal.syr.edu/annualbudgetsdevelopmentplans (data obrascheniya: 14.07.2025).
14. Iran Data Portal. Zakon ob islamskom (besprocentnom) bankinge (1983) [Elektronnyy resurs]. – Rezhim dostupa: https://irandataportal.syr.edu/lawforusuryinterestfreebanking (data obrascheniya: 14.07.2025).
15. Iran Trade Data. Top 10 Exports of Iran in 2023 [Elektronnyy resurs]. – Rezhim dostupa: https://www.tradeimex.in/iranexport (data obrascheniya: 14.07.2025).
16. Islamic Development Bank (IsDB) [Elektronnyy resurs]. Rezhim dostupa: https://www.isdb.org/ (data obrascheniya:14.07.2025).
17. Middle East Institute (MEI). Three Scenarios for Iran’s Economic Development [Elektronnyy resurs]. – Rezhim dostupa: https://mei.edu/publications/threescenariosiranseconomicdevelopment (data obrascheniya: 14.07.2025).
18. National Development Fund of Iran (NDFI) [Elektronnyy resurs]. – Rezhim dostupa: https://www.ndf.ir/ (data obrascheniya: 14.07.2025).
19. P.O.G.C. to Start Gas Processing at South Pars Phase 14, Iran [Elektronnyy resurs]. – Rezhim dostupa: https://www. enerdata.net/publications/dailyenergynews/pogcwillstartgasprocessingplantsouthpars14iran2021.html (data obrascheniya: 14.07.2025).
20. Renault Pars – Joint Venture in Iran [Elektronnyy resurs]. – Rezhim dostupa: https://media.renaultgroup.com/ groupe renault signs a new joint venture in iran/ (data obrascheniya: 14.07.2025).
21. U.S. Department of State. Joint Comprehensive Plan of Action (JCPOA) – Finalization Day, 14 iyulya 2015 g. [Elektronnyy resurs]. – Rezhim dostupa: https://20092017. state.gov/e/eb/tfs/spi/iran/jcpoa/ (data obrascheniya:14.07.2025).
22. U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC). CISADA: Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 – Overview and Guidance [Elektronnyy resurs]. – Rezhim dostupa: https:// ofac.treasury.gov/media/7871/download? inline= (data obrascheniya: 14.07.2025).
23. U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC). Reimposition of the sanctions on Iran that had been lifted or waived under the JCPOA [Elektronnyy resurs]. – Rezhim dostupa: https://ofac.treasury.gov/ sanctionsprogramsandcountryinformation/iransanctions/ reimpositionofthesanctionsoniranthathadbeenliftedorwaivedunderthejcpoa (data obrascheniya: 14.07.2025).
24. White House, Clinton Administration. President’s Letter on Restriction on Trade with Iran (18.09.1995) [Elektronnyy resurs]. – Rezhim dostupa: https://clintonwhitehouse6. archives.gov/1995/09/1995 09 18 president letter on restriction on trade with iran.html (data obrascheniya: 14.07.2025).
25. World Bank. Iran, Islamic Rep. – Country Data Overview [Elektronnyy resurs]. – Rezhim dostupa: https://data. worldbank.org/country/iranislamicrep (data obrascheniya: 14.07.2025).
26. World Bank. VVP Irana, skorrektirovannyy s uchetom inflyacii (postoyannye ceny, 2015 = 100) [Elektronnyy resurs]. – Rezhim dostupa: https://data.worldbank.org/ indicator/NY.GDP.MKTP.KD?locations=IR (data obrascheniya:14.07.2025)
27. World Bank. Inostrannye pryamye investicii (FDI), chistye pritoki – Iran [Elektronnyy resurs]. – Rezhim dostupa: https://data.worldbank.org/indicator/BX.KLT.DINV. CD.WD? locations=IR&year=2024 (data obrascheniya: 14.07.2025).
28. Yescombe E.R. Principles of Project Finance. 2nd Edition, Academic Press, 2013. – 578 p.
