Members of an Iranian parliamentary committee recently suggested that Iran should offer to co-operate with Russia "in a new round of the Cold War" in return for Russian support on Iran's nuclear programme. Iran made its own overtures to Russia during the Georgia crisis, despatching President Ahmadinejad to meet President Medvedev. Iran has always seen Russia as its most likely ally on the UN Security Council, and Russia could veto the imposition of sanctions if it so wished. Russia also has significant economic interests in Iran. Over the past two decades Iran has ordered an estimated $4bn of Russian hardware, technology and services, making it one of the largest buyers of Russian military equipment.

However, anyone in Teheran or Damascus with hopes of a major new strategic alliance with Russia is likely to be disappointed. Syria is just too small a player. And whatever the noises coming from the Kremlin, Russia's strategic interests would be damaged by a nuclear-armed Iran. At a time when so many of its global interests are at play, Iran is unlikely to be accorded a high priority in Russia's calculations.

In Iran even those who accept that Moscow will not be riding to the rescue still think the Georgia crisis could be turned to Iran's benefit. Some Iranian commentators have suggested that Iran would benefit even more from an energy dispute between Russia, the US and the EU. An Iranian newspaper recently suggested that rivalry between the West and Russia would force Europeans and others to come cap in hand to Tehran as an alternative source of oil and gas, implying that an energy crisis would let Iran off the nuclear hook.

It is therefore crucial that we do not lose sight of Iran while dealing with the crisis in Georgia, which has already exacerbated existing difficulties in our diplomacy over Iran's nuclear programme. The Security Council members should now be preparing the next round of sanctions on Iran, which are already overdue. Yet no new sanctions are in sight.