Iran, Russia sign ‘revised’ oil-for-goods deal

Russia says it has signed a revised contract with Iran over a much-debated and long-delayed scheme to barter crude oil with goods and commodities.   

Russia’s Energy Minister Alexander Novak was quoted as saying by media that the changes in the contract concerned technical aspects and prices.

Iran’s Ministry of Petroleum is yet to react to Novak’s remarks.

Last month, Iran’s Petroleum Minister Bijan Zanganeh announced that an oil-for-goods contract had been signed between the two countries.

"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,” he was quoted as saying by Russia’s RIA and TASS news agencies.

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

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

When the sanctions against Tehran were lifted in 2016, Russian Energy Minister Alexander Novak said the deal was no longer necessary.

However, Novak said in March 2017 that the plan was back on the table with Russia buying 100,000 barrels per day from Iran and selling the country $45 billion worth of goods, Russia Today said in a report on its website.

Novak had announced in February that Russia’s state trading enterprise Promsirieimport has been authorized by the government to carry out the purchase of Iran’s oil through the oil-for-goods program under study by both countries.

To the same effect, Zanganeh had been quoted by the media as saying that Iran would be paid in cash for half of the oil that would be sold to Russia.  The due payments for the remaining half would be made in goods and services, the Iranian minister had said.

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