19 April 2018 - 10:23

Dollar Eliminated from Iran-Russia Trade under Oil for Goods Deal

The first delivery of Iranian crude oil to Russia under the oil-for-goods program has been completed and the sides aim to extend the deal for five years, according to Russian Energy Ministry Aleksandr Novak.
News ID : 84756
پرچم ایران و روسیه

The agreement is effective; it has been extended for the year, but in general, we think it should be extended for five years,” Russian Energy Minister said.

The oil-for-goods deal was initially reached in 2014 when Iran was under Western sanctions over its nuclear program. Last year, Moscow and Tehran ratified the agreement, under which Russia would initially buy 100,000 barrels a day from Iran and sell the country $45 billion worth of goods.

Current Iranian oil supplies under the program amount to five million tons per year. The first delivery was made in November 2017 and totaled one million tons.

Novak said earlier that the oil-for-goods program was expected to boost trade between the two countries. The nations have also signed six provisional agreements to collaborate on “strategic” energy deals worth up to $30 billion.

Send Comment