29 Mar 2024
Tuesday 14 April 2015 - 11:01
Story Code : 159962

Russia says started strategic barter trade with Iran

Russia says it has started a strategic oil for goods barter trade with Iran, stressing that the due proceedings are already working well.

Russias Deputy Foreign Minister Sergei Ryabkov said the country is currently providing a considerable volume of goods to Iran in exchange for the Iranian crude oil without providing any specific figures.

Ryabkov said the goods comprise grains, particular types ofequipment, and building materials.

He further emphasized that the barter trade is not in violation of the sanctions regime against Iran.

We deliver certain foodstuffs while not breaching the current sanction regime inany way, that's why we consider that this is a normal [method] and that is exactly how we are operating," Ryabkov has been quoted by Sputnik as telling journalists.

Under a deal that was first reported early in2014, Moscow is topurchase upto 500,000 barrels ofcrude oil per day fromTehran inexchange forover 2 million tons of Russian goods a year.

The five-year oil-for-goods program which is believed to have been created to help the two countries reduce the effects of US-led sanctions on themis estimated tobe worth nearly $20 billion.

The US and the European Union (EU) have imposed an array of embargoes on Russian individuals and businesses over the crisis in Ukraine. They accuse Moscow of supporting anti-Kiev protesters in eastern and southern Ukraine. Russia denies the allegation.

The US and its European allies have also imposed sanctions against Iran over Tehrans civilian nuclear activities.

By Press TV
https://theiranproject.com/vdcb09b85rhbs9p.4eur.html
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