The total volume of “oil-for-goods” swaps between Iran and Russia is expected to reach $45 billion annually, Russian trade representative in Iran Andrei Lugansky said.
The total value of goods “under the program (oil-for-goods) can currently be estimated at $45 billion a year,” Lugansky told Sputnik on Monday.
He further said the “legally viable” program stipulates 50% monetary payment and 50% payment-in-goods in exchange for Iranian oil.
“The 50 percent coming from Russia are railroad items, heavy trucks, by which I mean our buses, the aviation industry (equipment for airfields, planes themselves),” Lugansky continued.
Since coming into force in January 2016 of the Joint Comprehensive Plan of Action (JCPOA), a nuclear deal between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany), Tehran and Moscow have ramped up efforts to boost bilateral trade.
Iran and Russia have also formed a strong alliance in recent years, with both supporting the Syrian government against foreign-backed militancy.
(Source: Tasnim, under Creative Commons licence)