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2014-08-06 18:15:00

RUSSIA & IRAN OIL DEAL

RUSSIA & IRAN OIL DEAL

Months of oil talks between Russia and Iran, both heavily sanctioned by the West, took an unexpected twist on Tuesday when Moscow first announced it had agreed with Tehran to help it sell its crude - only to withdraw the statement shortly afterwards.

In January, sources told Reuters Iran and Russia were negotiating an oil-for-goods swap worth $1.5 billion a month that would enable Iran to lift oil exports substantially, undermining Western sanctions.

Under the proposed deal Russia would buy up to 500,000 barrels a day or a third of Iranian oil exports in exchange for Russian equipment and goods, sources have…

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Tags: RUSSIA, IRAN, OIL
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