💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Russia says oil-for-goods deal with Iran could be sealed soon

Published 30/11/2014, 17:56
Russia says oil-for-goods deal with Iran could be sealed soon

MOSCOW (Reuters) - Russia hopes a deal to supply grain and equipment to Iran in return for oil can be reached soon, Russia's Economy Minister Alexei Ulyukayev said on Sunday.

"It (the deal) will affect not only grain, there are broad lists of goods ... We expect that (a deal) could be reached in the near future," Ulyukayev told reporters in Tehran, according to the RIA news agency.

In January, Reuters reported that Moscow and Tehran were discussing a barter deal worth up to $20 billion that would see Moscow buy up to 500,000 barrels a day of Iranian oil in exchange for Russian equipment and goods.

Such an agreement would enable Iran to significantly raise oil exports despite sanctions over its nuclear programme, and give the slowing Russian economy a much-needed boost. But it would also strain relations between Moscow and the West at a time when they are already frayed over the Ukraine crisis.

The United States has warned Russia that an oil-for-goods deal could run counter to nuclear talks between world powers and Iran, and might fall foul of U.S. sanctions.

Russia's Economy Ministry was not available for comment on Sunday, but in April Finance Minister Anton Siluanov said Moscow would observe U.N. sanctions rules for any deal with Iran, rather than the tougher ones imposed unilaterally by the United States.

Ulyukayev did not specify a date when the deliveries of grain and equipment to Iran could start, but said discussions were continuing.

He said Russia was discussing supplying Iran with equipment for the oil and gas industry, agricultural machinery, cars, planes and electric generators, among other goods.

Iran and the six powers last Monday gave themselves seven more months to resolve a standoff on Iran's nuclear programme that has seen crippling economic sanctions imposed on Tehran, and extended the partial easing of those sanctions that followed an interim agreement.

(Reporting by Alexander Winning; Editing by Jon Boyle)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.