Iranian logistics and shipping firm Nasim Bahr Kish has submitted a formal bid to acquire full ownership of Russia’s Astrakhan port, including a 25% stake currently held by the Russian state.

The proposed RBL437.5m ($5.6m) deal would give the Tehran-based firm complete control over one of the Caspian Sea’s most critical transhipment terminals, as Iran and Russia deepen trade ties amid ongoing Western sanctions.

Located in southern Russia, Astrakhan port plays an important role in grain, metal, timber, and fertilizer exports through the Caspian corridor. Iran is already the port’s main destination market, with the Caspian Sea serving as a longstanding grain route from Russia to northern Iranian ports.

The port’s grain throughput has dropped significantly in 2025. During the 2023/2024 agricultural season, Astrakhan handled approximately 275,000 metric tons of grain. That figure fell to 139,500 tons so far in the current season, with zero shipments recorded in May, largely due to a Russian temporary export ban on barley and corn.

Despite the downturn, analysts forecast a strong rebound in the 2025/2026 season, citing reduced Iranian domestic grain output and expected relaxation of Russian export restrictions.

The acquisition bid marks a deepening convergence between Moscow and Tehran, both of whom are under tight Western sanctions and increasingly reliant on alternative trade corridors. Gaining full control over Astrakhan could give Iran more influence over regional logistics and expand its role in the International North-South Transport Corridor (INSTC)—a multi-modal route linking Russia, Central Asia, Iran, and India.

If approved, the deal would further align the Iranian and Russian logistics sectors, while reinforcing the Caspian Sea’s role as a sanction-proof artery for Eurasian commerce.