With attention on Russia's support for its ally Iran, President Masoud Pezeshkian arrived at the BRICS summit, aiming to alleviate pressure on Iran’s struggling economy while bolstering its defense against a potential Israeli attack.

At a meeting on Wednesday between Pezeshkian and President Vladimir Putin, the Russian leader announced that the two countries were going to sign a "Comprehensive Strategic Partnership Agreement."

The official signing of the treaty will reportedly be held in Moscow between Putin and Pezeshkian after the BRICS summit in Kazan. However, the two sides have made similar promises on several occasions in the past, without the treaty being finalized.

Kremlin spokesman Dmitry Peskov had refused to comment earlier when asked whether that agreement will include mutual military assistance.

Located in the city of Kazan, the summit is the first since Iran, Egypt and the UAE joined BRICS as full members – with the goal of reducing reliance on Western-dominated institutions like the IMF and World Bank.

With Iran facing significant economic challenges, Pezeshkian's appearance at the BRICS leaders' meeting will likely see him attempt to strengthen and further financial and trade ties.

While many experts point out that US sanctions on Tehran, over a plethora of issues like its sponsoring of terrorism, have taken a toll on the country’s economy – trade between Iran and its largest trading partners has also declined further in 2023.

Iran’s main customer for oil, China, significantly reduced its purchases this year. Adding further to its strain, Tehran saw a 26% drop in trade with India, a 17% decline with Russia, and a 33% falloff with Turkey.

Ahead of the summit, Iran's central bank governor, Mohammad-Reza Farzin, revealed Tehran’s intent to join the BRICS-led New Development Bank. Analysts say the move aims to support the state’s development efforts independently of the World Bank and other Western financial systems – a priority the central bank chief suggested would be central to discussions at the summit.

Iran’s focus, though, won’t solely be on the economy, as the state braces for a promised Israeli attack, after its own barrage of missiles into Israel on October 1.

Given Iran's support for Russia in its invasion of Ukraine, Pezeshkian may seize this opportunity to seek assurances for advanced weapons, such as long-range air defense systems and fighter jets.

Tehran has provided Moscow with hundreds of drones and helped launch their production in Russia, allowing for a constant barrage of long-range drone strikes at Ukraine’s infrastructure. In September, US Secretary of State Antony Blinken confirmed that Iran had provided close-range ballistic missiles to Russia.

Russia, meanwhile, has made it clear that it will not abandon Iran, amid the threat of an Israeli retaliation, as confirmed by a Kremlin spokesperson to CNBC on Tuesday.

“We are developing cooperation with Iran in a variety of areas. We intend to do this further,” Kremlin Press Secretary Dmitry Peskov said.

However, as Iran's regional presence has been seriously threatened by Israel, which also intends to launch an attack to punish Tehran for its October 1 missile attack, there is little Russia can do. Last week, Iranian media was hinting at some sort of Russian or Chinese mediation in the Middle East, but there is little sign of either.

For Putin, the summit is a way to demonstrate that Russia is far from isolated, showcasing unity among its allies on the global stage. This, despite many attendees—including Saudi Arabia and Iran—harboring longstanding disagreements and differences.