Iran, Russia Ink Oil-for-Goods Barter Deal

Iranian Oil Minister Bijan Namdar Zangeneh said Tehran and Moscow have signed an agreement whereby Iran will sell crude to Russia in exchange for products.

“The deal has been concluded. We are just waiting for the implementation from the Russian side. We have no difficulties; we signed the contract, everything is coordinated between the parties. We are waiting for Russian oil companies to send tankers,” Zangeneh said as quoted by the Tass news agency on Friday.

The agreement was initially reached in 2014 when Tehran was under Western sanctions over its peaceful nuclear program.

Russian traders were to participate in the selling of Iranian oil. In exchange, Iran wanted essential goods and technology from Russia.

Iran and Russia have formed a strong alliance in recent years and ramped up efforts to boost defense cooperation, trade ties, and cultural interaction.

(Source: Tasnim, under Creative Commons licence)

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