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

Russia�s 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 of�equipment, 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 in�any 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 in�2014, Moscow is to�purchase up�to 500,000 barrels of�crude oil per day from�Tehran in�exchange for�over 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 them�is estimated to�be 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 Tehran�s civilian nuclear activities.

By Press TV